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

#Quad3 Economic Stagflation is awesome for my diversified macro portfolio. It’s terrible for no-to-low-income people who are going to have to pay for eating it (Corn and Wheat prices are inflating as much as SPY this AM btw, +1.3-1.8%, respectively).

Will the #Quad3 Tech Ramp surpass the all-time bubble highs of AUG 2020?

A) I don’t know … but
B) How low the US Dollar goes will absolutely impact the answer to that question

What the pace of this morning’s US Dollar Devaluation is telling you is that Bullish @Hedgeye TREND Commodities like Silver (+3%) and Bitcoin can go all Buzz Lightyear on the bears. Their US Dollar inverse correlations (Gold and Commodities too) are real!

What else will I be paying particular attention to probability-weight where markets go next? A: Volatility’s Surface.

CHART OF THE DAY: The #Quad3 Equation  - Chart of the Day