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

What other short-term corrections within Bullish @Hedgeye TRENDs were observable inside your OODA Loops last week?

  1. UST 10yr Yield corrected -4 basis points to 1.68% (that’s to up +75 basis points in the last 3 months)
  2. CRB Commodities Index corrected -0.6% last week to +13.4% in the last 3 months
  3. Oil (WTI) corrected -0.8% last week to +25.8% in the last 3 months
  4. Bitcoin corrected -7.6% last week to +121% in the last 3 months

Unlike being Macro Unaware and, say, long Gold, which was down another -0.5% last week to -8.2% in the last 3-months, Full Cycle Investors buy the damn dips in #Quad2 Sector Styles & Factor Exposures during short-term corrections.

I’m not long of US Equity Beta in SPY terms (I like my 4 US Equity Sector ETF horses better than being long the index), but if you bought the mid-week SPY panic last week, well done capturing Friday’s all-time closing high.

CHART OF THE DAY: Net Short Ahead Of Friday's Fresh ATH - CoD Net Short ATH s