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

Per ye Olde Wall’s Econs and The Fed, “there’s no inflation… until we achieve our 2% target”… or something like that. If you wrote that to my family or firm, I would deem your mathematical skills as un-grade-able.

The Bond Market obviously got an A+ on its #Quad2 Test:

A) UST 10yr Yield was up another +7 basis points last week to +52 basis points in the last 3 months
B) The Yield Curve (10s/2s) steepened another +5 basis points to +55 basis points in the last 3 months

And US Equity Sectors scored an A+ on that same #Quad2 Test as well:

A) Energy Stocks (XLE) were up another +4.3% last week to +22.3% in the last 3 months
B) Utilities (XLU) were down another -5.0% last week to -9.4% in the last 3 months

Yeah, if you thought being Long Gold prior to a proactively predictable breakout in Interest Rates was failing you out of HedgeEDU (Gold was down another -2.8% last week to -4.5% in the last 3 months), being long Utes (XLU) was even worse!

CHART OF THE DAY: Still Global #Quad2 - Chart of the Day