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

It’s ok. You’re all human. While I don’t have chronic infection embedded in my decision-making process, I do get affected by those Macro Tourist talking points… because some subscribers ask me and my research teammates to confirm or deny them.

Life would be somewhat simpler, but a lot less fun, if I just sat here in silence, trading my own book…

And that would not be the life that gets me fired up to get two-feet on the floor at the top of the risk management morning trying to lead #HedgeyeNation into the next bid/ask battle!

What are the Top 3 Things jumping off the page in our team’s process this morning?

  1. US DOLLAR – after another Touristy headfake in March, USD continues to breakdown and remains Bearish TREND
  2. OIL (and Commodities broadly) – continue to breakout towards prior Cycle Highs and beyond
  3. VIX – continues to signal a series of lower Cycle Highs with the top end of my Vol of Vol range down to 17.99

CHART OF THE DAY: #Quad2 Positioning Redux: FX & Commodities  - 4 20 2021 7 55 13 AM