Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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In other news, their US Equity Benchmark is -2.4% from its all-time closing highs (in the case of SPY) and Small Cap, High Short Interest Factor Exposures (i.e. #Quad2 Longs) were up another +1.1% and +1.5% on the day, respectively, yesterday… Really? Yep. Really. Not everyone is chasing Cathie, NFLX, and cat videos. While Momentum’s Crowding (MTUM) and Gold (GLD) got pounded to new Cycle Lows yesterday, something funny happened on the way to the US Equity Sector Style Alpha Forum:
Since those 3 Sector Styles + Energy (XLE) are currently my Top 4 Signal “picks” (see replay of our Mid-Quarter Update Macro Themes call last week, where Tech (XLK) was clearly cut out), now you know more about the party you might be missing… Obviously it’s not a party out there for all. And I empathize with those who have been capitalizing on the “digital era” of biased and Factor Exposed, marketing Asset Management products, but only to a degree. |
