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

While I can count, it’s getting hard to count how many times tourists have told me the “US Dollar is breaking out” since my Signal went Bearish @Hedgeye TREND on it back in June 2020.

As a reminder, the only Quad where the US Dollar Index has a positive expected value is in #Quad4.

On the other side of US Dollar weakness was more specific Commodity inflation (ex-Oil, which corrected last week):

  1. Copper inflated another +1.2% last week to +9.8% in the last 3 months = Bullish TREND @Hedgeye  
  2. Corn inflated another +3.1% last week to +16.0% in the last 3 months = Bullish TREND @Hedgeye  
  3. Lumber inflated another +11.2% last week to +82.7% in the last 3 months = Bullish TREND @Hedgeye  

No, that’s not a Lumber typo. And, yes, if you’re a Fed Fan club member you can just call that “transitory”, fully loaded with 4.9 MILLION 30yr olds in America entering the 1st time home buyer market…

Or, you can be less theoretical… and just own #InflationAccelerating, and make money on it.

CHART OF THE DAY: #Quad2 Positioning Redux - 4 12 2021 6 59 28 AM