Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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All-time, as I’ve always reminded people who are new to history and markets, is a really long time. And yesterday’s all-time closing highs for the SP500, NASDAQ, and Russell 2000 are history. Did the crowd chase those highs? Big time. Total US Equity Volume (including dark pool) ramped to +36% vs. its 1-month average yesterday. They chased Asian Equities to new Cycle Highs last night too. So now what? Every day is new. All of my risk management signals reset. While I’ll review the MANY immediate-term @Hedgeye TRADE #overbought signals (SPY, QQQ, MSFT, AMZN, etc.) during The Macro Show’s Top 3 Things, the Anxiety of The Day will be #Bitcoin. Why? It’s correcting from the top-end of its @Hedgeye Risk Range because that is what markets do. |
