Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
With the “why” being such a rear-view focal point for Tourists, the ISM Services report yesterday was a sight to see:
A) As you can see in today’s Chart of The Day, ISM Services ripped to a new Cycle High of 63.7 in MAR
As long-time Hedgeye Partner (and one of my Macro Research teammates), Dr. Drake wrote to subscribers yesterday:
It’s post-pandemic Macro Poetry.
A) Headline ISM rose +8.4 points to a New ATH at 63.7 while New Orders jumped a cartoonish +15.3 points sequentially to an ATH at 67.2
ATH = All-time-high. And all-time, is a long time.