Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Given all of the newfound experts in Macro Proctology (picking bottoms), you’d think more people on ye Olde Wall would have nailed these higher-return ramps in Gold, Mining Stocks, Bitcoin, etc., eh? And why did Gold and Silver correct overnight, laddie?
… the USD Index is up a whopping +0.1% this morning. That A/B Test is plenty enough of a short-term explanation for me. But, if the establishment says we’re in V-Shaped “recovery” for both the US economy and US Corporate profits, then why does the Bond Market (UST 10yr Yield = 0.60%), Gold, etc. not live within the asset allocations of their pales? That’s easy. Especially with the ROC (rate of change) economic and profit data, there is no recovery in either:
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