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

For those of you who are new to the Full Investing Cycle #process, Gold’s Cycle peaked during #Quad3 in both 2011 and in AUG of 2020. I’ll review The Cycle’s Sine Curves for Macro Pro subscribers on tomorrows Q2 Macro Themes call.

In addition to being in #Quad2, what’s driving Gold lower is both nominal and real rates rising:

A) UST 2yr Yield popped +5 basis points last week (that’s actually a lot) to 0.19%
B) UST 10yr Yield was up another +5bps last week, taking it +81 basis points in the last 3-months

In kind, and right on Cycle Time:

A) High Yield OAS Spread collapsed another -23 basis points last week to 3.02% … and
B) SPY (SP500) was up another +1.1% on the week to an all-time closing high (+7.0% in the last 3 months)

All-time is a long time. That’s why our memories remember the score. How many times were you told this opinion and that (about markets or otherwise)… that, in the end, were just dead wrong?

CHART OF THE DAY: #Quad2 Speedbag Performance  - CoD Quad 2 Speedbag