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

We obviously know what “stocks” only people have been trying to “rotate” into since June 8th (i.e. trying to rotate into 2020 money-losing positions, both relatively and absolutely), but there’s a much bigger risk than that this morning.

It’s that the things that actually worked since June 8th (like long NASDAQ and Gold during #Quad3 in Q3) could/should go down now, at the same time as all of those loser positions (Financials, Airline Stocks, Russell, etc.) go down… if its Dollar Up, from here.

Cycle Time erodes narratives. If its Dollar Up (even for 2 weeks or 2 months), it means the market is pricing in #Quad4 in Q4 for both the USA and Germany. Looks like the ECB’s Lagarde is acknowledging that economic erosion in European countries today too.

CHART OF THE DAY: Breakout #NazVol Signals #Quad4 - 30