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HEDGEYE'S TOP 3 THINGS
Below are the top three things from Hedgeye CEO Keith McCullough's Macro Notebook this morning:
- USD – textbook #fail for the British Pound with GBP/USD getting #pounded for a -1% loss after making yet another lower-high within its Bearish @Hedgeye TREND (Euro, AUD, CAD, etc. all doing the same thing, which is the Global #Quad4 thing). There were almost too many moves to make in Global Macro Inverse (USD) Correlation terms yesterday. #execute
- BITCOIN – The Mother of All Bubbles is crashing to new #Quad4 Cycle Lows this morning ($17,434 BTC vs. Long USD, taking its crash to -74% from its #Quad2 All-Time High which, ironically, was made on NOV 8th of 2021!). Good news: the same “Retail Investors” (more like Retail #BagHODLers) that still own Crypto own TSLA (and Elon just sold another $4B of that in their face)
- OIL – from Bullish back to Bearish @Hedgeye TREND as Chinese Stocks had their 2nd down day (and remain Bearish TREND alongside Global Demand – see FDX for an update) post the fake news of “re-opening”… WTI’s @Hedgeye TREND level = $90.47 but the OCT vs. SEP damage was already done for tomorrow’s CPI calc. Industrial Metals remain Bearish TREND too