[COMPLIMENTARY] Top 3 Things | China/Tech/Rates

Post 2 down days for US stocks, we get some sheepish month-end markups (Crypto almost always gets the month-end markup)…

1. CHINA – the month-end markup in Chinese Stocks wasn’t sheepish – it was centrally commanded post the government re-opening fire on The People! With the Shanghai Comp back to the top-end of my Risk Range we get disastrous economic data out of guys who can basically makeup the numbers (Services PMI in China tanked to a new Cycle Low of 46.7 in NOV vs. 48.7 in OCT!)
2. TECH – by sheepish, I mean all of the bottom-pickers who have no timestamps but now need you to believe America is long the Dow instead of the NASDAQ, APPL, TSLA, etc. (NASDAQ has crashed -31.2% from its Bubble Peak, AAPL got rekd yesterday and now has a nasty Risk Range of $137-148, and TSLA just lost ½ A TRILLION in cap)… oh, as Bond Yields fell from the top-end of my 10yr range! CRWD $32B in #BubbleCap -20%
3. RATES – LIVE shot of Jay Volcker Powell on the short-end of the curve has UST 2yr Yield UP +6bps day over day (from this hour yesterday) – the long-end of the curve (UST 10yr) has acknowledged economic realities from AMZN, TGT, and TSLA, selling off A) towards the low-end of my 3.62-3.96% Risk Range after B) holding @Hedgeye TREND support of 3.56%  - being long TLT yesterday was not good (we’re not)

Immediate-term @Hedgeye Risk Ranges: SP500 = 3; UST 10yr Yield = 3.62-3.96%

KM