Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Fact of the matter is that by the time we see the “turn” (4th card) and the river card in SEP, both the RNC and month-end markup pumps will be over and it will be time to play the next hand. Is it possible that you, and 50-75M Hoodies, are all holding 4-of-a-kind (that beats a Full House)? Nope. But after seeing 4 straight all-time closing highs for both the SP500 and NASDAQ, everyone might think they have a Straight or Royal Flush too! *Reminder: both of those flushes beat your pocket pair of Aces, Full House, and 4-of-a-kind – and you don’t get more Aces on a “stock split” If you’re playing multiple hands at multiple tables (because you, unlike the Hoodies do multi-factor, multi-duration Macro, across asset classes), here’s what a Long/Short Royal Macro Hedge Fund Flush looks like right now: ACE – Short US Dollars, Long Commodities That hand sure beats the “pocket rockets” held by the “Investment Committee” @CNBC. |