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

We’re only 2 weeks into 2021, but the gravity of The Cycle (i.e. the score of The Game) is becoming obvious to mostly everyone other than the Fed, some linear Econs, and a community of tweeters that do the fear-mongering-narrative thing.

What’s the YTD score?

A) SMALL CAPS (IWM) and Energy Stocks (XLE) up +9.2% and +17.4%, respectively, to new Cycle Highs
B) Commodities +5.3% vs. SPY +1.1%

Now I generally don’t do the “year-to-date” thing unless I am winning for the YTD, ha! But in all sincere and triggering obviousness this morning, all the YTD is doing is amplifying what’s been happening in Full Cycle Return terms since early November.

CHART OF THE DAY: #ProfitsCycle Rages Bullish For Energy & Industrials  - 42