Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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Clearly, at least on my Twitter stream, I’ve been triggering Gold Bugs for the last week. That’s what happens A) when Gold finally has a relative and absolute week of positive returns and B) it gets above its 200-day Moving Monkey, I guess. Since Gold signaled Bearish @Hedgeye TREND entering #Quad2, do you know it spent a LOT of time above the 200-day? Did that prevent Gold Bugs from having a -18% drawdown from Gold’s Cycle peak? Let’s keep it real here, with both nominal and real yields back on the rise this AM (UST 10yr Yield +3bps to 1.66%), Gold is still in the midst of a -11.3% #FullCycle Investing Drawdown from its #Quad3 Cycle Peak in AUG of 2020. |
