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

We’re not just trying to help you think differently about investing, we’re trying really hard to help you position differently than the growing community of “investors” who are long of the same stocks.

Preserving and protecting your hard earned wealth obviously isn’t just about “stocks.” It’s definitely not all about “growth” vs. “value” stocks either. It’s about compounding returns, across asset classes, where falling volatility perpetuates those returns...

...What is new this morning is a broadening of differentiated Global Macro returns that have nothing to do with what the umpteenth analyst thinks about his/her MSFT and APPL stock or the unwind of their PM’s massive Call Spreads in both.

What’s Legit Value this morning that consensus does not own?

A) Japanese Stocks (EWJ) +1.8% overnight to their highest level since 1991
B) Taiwanese Stocks (EWT) +1.4% overnight to higher-highs for 2020 as well
C) Commodities (CRB Index) ramping to new Cycle Highs with Oil inflating another +3.3%
D) Energy Stocks (XLE) ramped another +3.2% yesterday with Consumer Discretionary (XLY) -0.4%
E) Corn (CORN) and Soy (SOYB) inflating to new Cycle Highs as well this morning

CHART OF THE DAY: Japanese Stocks? Highest Level Since 1991  - Chart of the Day