CHART OF THE DAY: The Inventory Cycle Is Just Getting Started

05/10/21 07:33AM EDT

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

Doing Global Macro includes doing Global Macro. Reading into a “chart” of the NASDAQ is only going to get you so far. Hopefully that charting didn’t get you sucked into selling last week’s low in Tech or Semis (SMH).

Oh, and on that point I slipped in there on the US Inventory & Employment Cycles being “early”:

A) INVENTORY: Today’s Chart of The Day (slide 31 in our Global Macro deck) is obviously Early Cycle
B) EMPLOYMENT: Friday’s jobs report was an obvious reminder that its still very early in the jobs recovery

That said, when measuring and mapping it like we do (in year-over-year rate of change terms), Friday’s NFP number #accelerated to +11% y/y (year-over-year) in APR vs. -4.5% in MAR and -6.0% in OCT.

The Mother of All CPI and US Jobs Reports are still pending. Friday’s intraday reversal in rates told you that too.

CHART OF THE DAY: The Inventory Cycle Is Just Getting Started - ELQ

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