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

While many people don’t think of portfolio construction, timing, and sizing the way I do (that’s a very good thing), I meet with and speak with more and more people that do every day. I can’t explain in words how exciting that is!

In terms of market-timing (very dirty words to Captain Stock Picker who starts with company PODS and doesn’t do either “Macro” or allow a series of interconnected market signals trump his or her stock picks), today is a good negotiation day.

Why? What are my signals prompting me to negotiate with myself? Let’s do the 3 big debates in my notebook:

  1. USD vs. Commodities – if USD Index signals #oversold at 92.04 will Commodities (CRB) signal #overbought at 154?
  2. Tech – with both AAPL and MSFT signaling lower-highs within Bullish TRENDS, what does the same for XLK mean?
  3. Germany – will the DAX fail to make higher-highs for the 3rd time from a particular spot that matters in 3 months?

CHART OF THE DAY: Negotiating Consensus Complacency  - Chart of the Day