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Below is a brief excerpt transcribed from Thursday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough |
Let's analyze the movement in the U.S. Dollar.
The dollar got smoked yesterday and the best way to capitalize on that was Bitcoin, which makes my bitcoin fans happy I bet.
The strongest correlation for the 15-day short term case against the dollar is Bitcoin. That is the #1 way to play the other side of short dollars (that includes a trending 90 day basis and on an immediate term basis for 3 weeks or less.)
You can also note that in Dollar terms, a very good thing for US Equities is a correlation on a short term duration starting to burn off.
I’ve been waiting for it to go below -0.5 and you can see that on the SPYs this morning.
