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

Respectively speaking, why weren’t more hedge funds with my Long/Short (L/S) setup on Long Bitcoin/Short Gold (or Short Long-term Treasuries, TLT) having a great time with those positions last week?

Oh yes, I know. There was blood in both US and Global Equities. But Hedgeye style hedge funds went net SHORT Equities at the end of the week prior (see “Sell Signals” call from the prior Friday), then re-grossed Long exposure into last week’s end into:

A) Emerging Markets Equities (MSCI) which corrected -4.5% to +13.7% in the last 3 months
B) US Energy Stocks (XLE) which corrected -6.5% last week to +37.7% in the last 3 months

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