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

In US Equity Sector Styles, you got the same #Quad4 message last week (same one we’ve had for a month):

A) Energy Stocks (XLE) deflated another -2.9% last week to -16.8% in the last month
B) Utilities (XLU) appreciated +3.4% last week to +0.5% in the last month

Don’t like Utes or #Quad4 because you like your FAAMG stahks? Wake up and smell the coffee. Oil matters to the model.

Despite everything the Fed has done in 2020, isn’t it amazing that #Quad4 is now the probable economic outcome? Almighty and powerful they were, for 3-6 months… then The Gravity got them!

CHART OF THE DAY: Quad 3 vs. Quad 4 → Equity Sectors  - 114