Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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Now, with the NASDAQ closing at yet another all-time closing high of 12,519 yesterday, this is not to say that either it (Large Cap Growth) or Small Cap Tech isn’t going to register immediate-term TRADE #overbought signals. No, no, no! They will. But, yes, if you want to keep pace with “the market” during #Quad2, you know you’re going to be buying the damn dip in anything growth that you like, which included cyclical (inflation) growth like Energy (XLE). Ha, Energy (XLE, XOP, AMLP) isn’t “growth”, right? Be careful on answering that one with a no too quickly. When it comes to year-over-year ROC (rate of change) Earnings Growth, both Basic Materials (XLB) and Energy are going to rip in 1H of 2021! |
