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

Sometimes, immediate-term TRADEs are considered Counter @Hedgeye TREND moves. Other times they are the beginning of new Phase Transitions or Bearish to Bullish @Hedgeye TREND reversals.

For an example of that, the Global Currency market has a LOT going on right now:

A) USD Dollar Index was +1.2% last week towards the top-end of my TRADE Risk Range but remains Bearish TREND …
B) Whereas both Yens and Swiss Francs were down -1.7% and -2.4% vs. USD last week and remain Bearish TRENDs…
C) And British Pounds and Canadian Dollars were -0.7% and +0.6% vs. USD last week and remain Bullish TRENDs…

Why? Why don’t we just have Dollar Down vs. everything, forever in Global #Quad2? Well, for starters, not every country is the same in #Quad2. Some Cyclical Country Currencies are stronger than what were Safety Currencies (like Yen and Swissy).

Whether it’s the Indian Rupee (up another +0.9% vs. USD last week, reiterating Bullish @Hedgeye TREND) or India’s stock market (up another +3.2% last week to +12.4% in the last month), Non-Consensus Leadership is becoming more common in macro!

CHART OF THE DAY: Counter-Trend Reversals Happen In The Currency Market  - Chart of the Day