Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

USD – Dollar Down (again) this morning gets the SPY machine excited with a TRENDING inverse correlation (90-day duration) at an eye-popping -0.95 (Commodities love that too), but today I’m registering a potentially stealth higher-low in my USD Index Risk Range (which also gives me my 1st lower-highs in Euros, Yens, and GBP vs. USD) – prelude to #Quad4 in Q4? Stay tuned…

QUADS – diverging globally and shifting locally like tectonic fractal plates – Chinese Industrial Production #accelerates to +5.6% y/y in AUG whereas USA’s IP will be negative y/y this morning – we still have China in #Quad2 in Q3, whereas it’s a wide open question as to whether or not USA is about to go from #Quad3 to #Quad4 in Q4… Dollar & Data dependent that call will be

*Remember: risk management isn’t about the moving “average” or “valuation” of things – it’s about noticing particular things.

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