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THE M3: WYNN COTAI FINANCING; CHINA MAY LOANS PLUNGE; VLADIVOSTOK; VISITOR ARRIVALS; INFLATION

The Macau Metro Monitor, May 23, 2012

 

 

BASIS POINT-WYNN MACAU LAUNCHES $1.5 BLN SYNDICATED LOAN Reuters

Wynn Macau Ltd launched a US$1.5 billion two-tranche syndicated financing for a new project on Macau's Cotai Strip. According to sources, the deal consists of a US$1 billion five-year revolving credit and a US$500 million six-year term loan. Deutsche Bank AG and JP Morgan had joined with US$200 million each prior to syndication.  Sources said Wynn Macau will be issuing a bond and the two banks could be involved.

 

Sources said the margin on both tranches opens at 250bp over LIBOR for the first two quarters after which they will be based on a leverage ratio grid.  The margin will be 250bp for 4.5 times or more, 225bp for 4-4.5 times, 200bp for 3-4 times, or 175bp for less than 3 times.  Banks are invited to join at a top-level upfront fee of 200bp for commitments of US$200 million and the global coordinating lead arranger title; a 150bp fee for US$150 million and the lead arranger title; a 100bp fee for US$100 million and the arranger title; and a 75bp fee for US$50 million and the lead manager title.

 

Banks that join before June 8 or 9 will get an additional 12.5bp early bird fee.  The revolver comes with a 75bp commitment fee. The term loan tranche repays in 16 unequal instalments after a two-year grace period.  Banks can choose to join in US$ or HK$. Responses are due end of June.

 

CHINA BIG FOUR BANKS ISSUE CNY 34 BILLION NEW YUAN LOANS IN MAY Dow Jones, Reuters

China's biggest four banks issued only CNY34BN ($5.4BN) in new yuan loans in the first three weeks of May, and their deposits declined by CNY270BN over the same period, the 21st Century Business Herald reported on Tuesday, citing unidentified banking sources.

 

The four banks--Industrial & Commercial Bank of China Ltd, China Construction Bank Corp, Bank of China Ltd., and Agricultural Bank of China Ltd.--were previously reported by local media to have barely issued any new yuan loans in the first two weeks of May.  These banks usually account for 30% of new yuan loans issued by China's whole banking system.

 

New loans issued by Chinese financial institutions fell to CNY681BN in April, down from CNY1.010 trillion in March and posting the lowest monthly level so far this year.  China loans in May 2011 reached CNY 551.6BN.

 

RUSSIA EYES VLADIVOSTOK CASINO ZONE TO WOO ASIAN MONEY Reuters

Russia's state-owned Nash Dom Primorye said it is seeking private investors and/or companies to build casino resorts in a six square kilometre area near Vladivostok.  The masterplan includes luxury hotels, a yacht club, shopping malls as well as outdoor sports such as golf. As it stands now, the zone is 2.6 square kilometers, but can be extended to six square kilometers.  Known as the Integrated Entertainment Zone, the project has space for roughly five large resorts.

 

Marina Lomakina, general director of Nash Dom, said she hoped the zone would be fully completed within five years.  "We want companies who are well known and will help create amenities that are more than just casino gaming," she said, adding that the zone would require a total minimum investment of $2BN from private investors looking to develop properties.


Vladivostok is one of four official Russian government zones where casino gambling is legal but is the only one that has formally initiated plans to lure foreign investors.

 

Nash Dom Primorye has appointed Las Vegas-based Galaviz & Co as lead strategic adviser for the tender.  The tender will be initiated in June, giving potential international operators 60 days to send in a pitch and budget estimates.  The Russian government will then enter into discussions with potential investors by the end of October.

 

APRIL 2012 MACAU VISITOR ARRIVALS DSEC

Visitor arrivals totaled 2,382,156 in April 2012, up 1.9% YoY.  The average length of stay of visitors increased by 0.1 day YoY to 1.1 days.  Visitors from Mainland China increased by 9.5% YoY to 1,391,119, with those traveling under the Individual Visit Scheme rising by 9.3% to 541,551.

 

THE M3: WYNN COTAI FINANCING; CHINA MAY LOANS PLUNGE; VLADIVOSTOK; VISITOR ARRIVALS; INFLATION - macau

 

SINGAPORE'S INFLATION RISES TO 5.4% IN APRIL Channel News Asia

Singapore's inflation rate accelerated in April to 5.4% YoY, from March's 5.2% rise.


WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE

“Get the US Dollar right, and you’ll get a lot of big beta in macro right”

Keith McCullough

 

The MACO team has said many times that there has been “plentiful evidence” that the US Dollar has been driving “The Correlation Risk” in Global Macro markets since 2008 - "the US Dollar up means stocks and commodities have arrested their ascent."  This has positive intermediate-term implications for Restaurant Industry margins.   

 

On Monday at the Alltech International Symposium it was suggested that the current world population of 7 billion is supposed to grow to 9 billion by the year 2050, which could require 70 percent more food production than currently is the case.  (The amount of food needed will grow by a larger percentage than the population due to a higher standard of living around the world.)  This would suggest that there is substantial long-term demand for food and in the overall Ag commodity complex.

 

We continue to hit our chicken theme (long SAFM and short BWLD) as corn and commodity prices (corn down and chicken prices up) move in our favor.   (See the charts below)

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - hrmcomm

 

SAFM: While the tone from management has been cautious, we see declining corn prices and tight chicken supply over the next 18 months as strong positives for the stock.  SAFM’s superior balance sheet, versus its peers, helps its position as the industry turns. Intermediate term risk is seasonality in the stock Jul-Sep.

 

BWLD: This stock is highly valued as it one of the few “growth” plays in casual dining.  The year-over-year increase in wing prices has a direct impact on EPS that we believe consensus is underestimating.  We expect negative FY12 EPS revisions over the next two-three months.

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - hfbrd

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - corn

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - broil

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - wings

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - breast

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - wheat

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - soy

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - beef

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - coffee

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - cheese

 

WEEKLY COMMODITY CHARTBOOK - FEEDING 9 BILLION PEOPLE - rice

 

 

 


It's Your Problem

This note was originally published at 8am on May 09, 2012. INVESTOR and RISK MANAGER SUBSCRIBERS have access to the EARLY LOOK (published by 8am every trading day) and PORTFOLIO IDEAS in real-time.

“The Dollar is our currency, but it’s your problem.”

-John Connolly, US Treasury Secretary (1971)

 

That’s the quote Jim Rickards uses to start Chapter 5 of Currency Wars. From an economic history perspective, it’s a critical quote to contextualize as President Richard Nixon was the first Republican President to go all-in Keynesian.

 

I’m not a Republican or Democrat. I am Canadian. So sometimes I just have to laugh when Republicans blame Obama for everything. It’s as if these partisan political pundits think we are dumb enough to believe that the likes of Nixon and Bush didn’t uphold the same monetary and fiscal policies to debauch the Dollar.

 

At least Nixon admitted it when he said plainly, “we’re all Keynesians now.” But are we? Inquiring minds in this country would like to know. Are we as numb to economic reality as the economically partisan media? Being Keynesian (Republican or Democrat) is partisan you know. And that probably had something to do with Republican veteran Lugar losing to the Tea Party in Indiana.

 

Back to the Global Macro Grind

 

You can blame Greece or Canada at this point, but the market doesn’t care to hear the excuses. The global economy is as interconnected as it has been for the last 5 years. The idea of “de-coupling” is only something the Sell-Side could make up.

 

If you didn’t know that the US Dollar is still the world’s reserve currency and that its daily, weekly, and monthly moves are driving what we call The Correlation Risk, now you know.

 

The US Dollar Index is having its 6th consecutive up day (touching $80 this morning), and one of our major Global Macro Theme calls for Q2 2012, Bernanke’s Bubbles (as in Commodities), are popping.

 

Since the Old Wall begged for Bernanke to do it, market expectations became addicted to it. Now it, as in “It’s Your Problem”, is on the tape.

 

Deflating The Inflation of easy money Commodity bubbles in Gold, Oil, etc. are riding the following immediate-term TRADE correlations to the US Dollar: 

  1. Gold -0.85
  2. Palladium -0.81
  3. Copper -0.67
  4. Oil -0.84
  5. Heating Oil -0.82
  6. Soybeans -0.79 

If you want to call these mathematical ironies, you can. As a matter of fact, you can call anything in this profession whatever you want to call it until you have to report your performance results back to your clients. If you are just a pundit, not held accountable to the TimeStamps of what you say and when, I can’t help you from yourself. Twitter’s gotcha!

 

In our 50 slide Q2 Global Macro Themes Deck (April 2012) we walked through the Top 10 Bernanke Bubbles (email sales@hedgeye.com if you’d like to review it with refreshed risk management levels).

 

The aforementioned immediate-term TRADE correlations anchor on 6 commodities. If you want to look at The Correlation Risk from a bigger picture perspective, here’s how the USD Index is trending versus some fairly major stuff: 

  1. CRB All-Commodities Index (19 Commodities) = -0.93
  2. S&P 500 = -0.85
  3. Euro Stoxx 600 = -0.84 

It’s Your Problem” or its your opportunity now. It’s a major performance problem if you are long anything US, European, or Japanese Equities (all Keynesian Policy Bubbles) or commodities. It has been since the middle of March.

 

Now plenty people who are long Gold (I have a zip lock bag of the stuff in my desk, fyi) will quickly say that’s precisely why they are long Gold – because it’s “protection against all the money printing and Keynesian central planners” of the world.

 

Fair e-nuff.

 

But what if the world is pricing in an end to the Nixonian madness? They did in the early 1980’s. What if we are on the verge of actually getting off the iQe drugs? Gold being up for 12 consecutive years naturally implies some mean reversion risk to the idea that Americans are dumb enough to vote for Dollar Debauchery for much longer.

 

In addition to their Keynesian economic policy making teams, Bush and Obama have one thing in common – Ben Bernanke. This is not unlike what Nixon and Carter had in common – Arthur Burns (who was also tasked, politically, with devaluing the Dollar and monetizing US Treasury debt).

 

Got Causality? 

  1. Dollar Debauchery in both the 1970’s and 2000’s perpetuated commodity price inflation
  2. Dollar Debauchery in both the 1970s and 2000’s perpetuated fear-mongering by policy makers to back their policies
  3. Dollar Debauchery in both the 1970s and 2000’s perpetuated a lack of confidence/trust and employment growth 

Both GDP Growth and US Employment Growth were as nasty as they have ever been (by decade) in both the Nixon/Carter and Bush/Obama periods of raging Keynesian Economic policy influence.

 

So, here’s a little reminder from little old me in New Haven, CT this morning to all of the Keynesians, from Larry Summers to Ben Bernanke, and all of their offspring – It’s Your Problem now. If that sounds like I am picking a fight, that’s old news. I did that in our April Themes presentation too. We are officially Fighting The Fed (and winning).

 

My immediate-term support and resistance ranges for Gold, Oil (Brent), US Dollar Index, Euro (EUR/USD), and the SP500 are now $1585-1647, $110.92-113.87, $79.42-79.88, $1.29-1.31, and 1349-1366, respectively.

 

Best of luck out there today,

KM

 

Keith R. McCullough
Chief Executive Officer

 

It's Your Problem - Chart of the Day

 

It's Your Problem - Virtual Portfolio


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THE HEDGEYE DAILY OUTLOOK

TODAY’S S&P 500 SET-UP – May 23, 2012


As we look at today’s set up for the S&P 500, the range is 40 points or -2.33% downside to 1286 and 0.71% upside to 1326. 

                                            

SECTOR AND GLOBAL PERFORMANCE

 

THE HEDGEYE DAILY OUTLOOK - 1a

 

THE HEDGEYE DAILY OUTLOOK - 2

 

THE HEDGEYE DAILY OUTLOOK - 3

 

 

EQUITY SENTIMENT:

  • ADVANCE/DECLINE LINE: on 5/22 NYSE 104
    • Down from the prior day’s trading of 2143
  • VOLUME: on 5/22 NYSE 846.67
    • Increase versus prior day’s trading of 6.09%
  • VIX:  as of 5/22 was at 22.48
    • Increase versus most recent day’s trading of 2.14%
    • Year-to-date decrease of -3.93%
  • SPX PUT/CALL RATIO: as of 05/22 closed at 1.83
    • Up from the day prior at 1.58 

CREDIT/ECONOMIC MARKET LOOK:

  • TED SPREAD: as of this morning 39
  • 3-MONTH T-BILL YIELD: as of this morning 0.08%
  • 10-Year: as of this morning 1.74
    • Decrease from prior day’s trading at 1.77
  • YIELD CURVE: as of this morning 1.45
    • Down from prior day’s trading at 1.48 

MACRO DATA POINTS (Bloomberg Estimates):

  • 7am: MBA Mortgage Applications, week of May 18
  • 10am: House Price Index (M/m), Mar., est. 0.3% (prior 0.3%
  • 10am: New Home Sales, Apr., est. 335k (prior 328k)
  • 10am: New Home Sales (M/m), est. Apr., est. 2.1%  (prior -7.1%)
  • 10:30am: DoE inventories
  • 11am: Fed to purchase $1.5b-$2b notes in 8/15/2022 to 2/15/2031 range
  • 1pm: U.S. to sell $35b 5-yr notes
  • 2pm: Fed to purchase $4.25b-$5b notes in 5/31/2018 to 5/15/2020 range
  • 2pm: Fed’s Kocherlakota speaks in South Dakota 

GOVERNMENT:

    • President Obama attends campaign events in Colo., Calif.
    • Mitt Romney won Republican primaries in Arkansas, Kentucky yesterday
    • Nuclear Regulatory Commission Chairman Gregory Jaczko, who is resigning, holds news conference in Charlotte, N.C., 9:30am
    • Senate in session, House not in session
    • Senate Finance holds hearing on health-care delivery, with testimony from UnitedHealth, Advocate Health Care, Kindred Healthcare, Renaissance Medical Management officials, 10am
    • NRC staff meets on agency’s yearly assessment of safety for Entergy Corp.’s Vermont Yankee nuclear plant, 5:30pm
    • Financial Industry Regulatory Authority holds final day of annual conference 

WHAT TO WATCH:

  • Merkel faces Hollande pleas to shed “taboos” at summit
  • Morgan Stanley defended its role in Facebook’s IPO after a Massachusetts regulator subpoenaed the bank
  • Facebook investor sues Nasdaq over “mishandled” stock offering
  • PetroChina looking at American, Caribbean assets, Jiang says
  • U.S. April new home purchases forecast to rise 2.1% from March to 335k annual rate
  • Barclays to raise $5.5b from sale of BlackRock stake
  • U.K. retail sales fall most in two years as rain hits demand
  • Japan’s April exports rise less-than-forecast 7.9% Y/y
  • ECB’s Lipstok says no need for additional ECB stimulus at the  moment, “no guarantee” Greece will keep euro
  • BofA to buy back $330m of mortgages from Freddie Mac
  • RailAmerica reviewing alternatives including possible sale
  • SEC Chairman Schapiro says SEC’s JPMorgan review focused on VAR models
  • U.S. consumer bureau seeks comments on prepaid debit card rules
  • More CFOs willing to pay bribes, global survey finds 

EARNINGS:

    • Suntech Power (STP) 6am, $(0.49)
    • Big Lots (BIG) 6am, $0.69
    • Canaccord Financial (CF CN) 6:30am, C$0.09
    • Hormel Foods (HRL) 7am, $0.41
    • Trina Solar (TSL) 7am, $(0.27)
    • Bank of Montreal (BMO CN) 7:30am, C$1.35
    • Zale (ZLC) 7:30am, $(0.20)
    • Apollo Investment (AINV) 7:30am, $0.21
    • Genesco (GCO) 7:35am, $0.74
    • American Eagle Outfitters (AEO) 8am, $0.20
    • CAE (CAE CN) 8am, C$0.20
    • Eaton Vance (EV) 8:30am, $0.48
    • NetApp (NTAP) 4pm, $0.63
    • Pandora Media (P) 4:02pm, $(0.18)
    • PVH (PVH) 4:03pm, $1.26
    • Hewlett-Packard (HPQ) 4:05pm, $0.91
    • Synopsys (SNPS) 4:05pm, $0.55
    • Semtech (SMTC) 4:30pm, $0.31
    • Bristow Group (BRS) 5pm, $1.03

COMMODITY/GROWTH EXPECTATION (HEADLINES FROM BLOOMBERG)

 

GOLD – plain ugly since the February top (down -12.7%) and this remains one of our top Global Macro short ideas that we’ll be discussing on our Best Ideas call at 11AM. Get the US Dollar right, and you’ll get a lot of big beta in macro right. 

  • Mining Slump Feeds M&A as Projects Overrun Budgets: Commodities
  • Wheat Drops for Second Day as Price Surge Prompts Farmer Selling
  • Rubber Set for Glut on Weaker China Growth Hurting Prices
  • Copper Slumps as Euro-Area Crisis May Threaten Chinese Growth
  • FreePort Founder Sells Diamonds as Investment Bet on China
  • Oil Drops a Second Day on Iran Agreement, Rising U.S. Stockpiles
  • Gold Declines in London as European Crisis Concern Boosts Dollar
  • Cocoa Falls to Three-Week Low in New York After African Rains
  • New Robusta Harvest in Indonesia’s Sumatra Seen Boosting Exports
  • Iron Ore Heads for Worst Run Since October as China Demand Slows
  • EU Farm Income May Drop for First Time Since 2009 as Prices Fall
  • Rubber Retreats to Lowest Level in a Week on Greek Exit Concern
  • Commodities to Gain on China’s Stimulus Pledge: Chart of the Day
  • Oil Falls for Second Day on Iran Agreement
  • Cotton Extends Slump to Lowest in More Than Two Years on Demand
  • Palm Oil Drops to Lowest This Year on European Crisis Concerns
  • Commodities Drop to Five-Month Low as Greece Concern Cuts Demand 

THE HEDGEYE DAILY OUTLOOK - 4

 

 

CURRENCIES

 

THE HEDGEYE DAILY OUTLOOK - 5

 

 

EUROPEAN MARKETS


ITALY – getting powdered again this morning (down -2.5%, crashing since March = -23.4%) after reporting the worst consumer confidence reading in Italy since 1996 (pre-Euro). Germany/France draw-downs chasing the Spanish and Italian ones; DAX and CAC down -11.5% and -15.5% from March. Nothing is going to happen at their 3hr dinner tonight.

 

THE HEDGEYE DAILY OUTLOOK - 6

 

 

ASIAN MARKETS


JAPAN – finally seeing consensus walk our way on the massive interconnected global macro risk associated with Japan’s fiscal and debt problems. This is an Export economy that just missed another export number – that’s bad. Japanese stocks down for 23 of the last 33 days (draw-down = -16.6%). Japan matters to Global Demand.

 

THE HEDGEYE DAILY OUTLOOK - 7

 

 

MIDDLE EAST


THE HEDGEYE DAILY OUTLOOK - 8

 

 

 

The Hedgeye Macro Team



Long Time Leaving

“I been a long time leaving, but I’m going to be a long time gone.”

-Willie Nelson

 

I think we have been pretty clear on this – Global Growth is slowing and the USA is not going to “de-couple” from this globally interconnected world. This time is not different.

 

Last night on CNBC I asked Goldman’s chief of everything US economic forecasting, Jan Hatzius, when he was going to cut his US GDP forecasts again. He didn’t really answer the question.

 

That doesn’t mean that you don’t have to answer it for yourself and/or your clients out there today. Real-time risk waits for no one.

 

Back to the Global Macro Grind

 

Willie Nelson is also known as the Red Headed Stranger. He’s the kind of Red-White-and-Blue blooded American we Canadian folks from Northern Ontario grew up respecting. He was born during a legitimate Great Depression (1933). He was self-made. And he didn’t wake up every morning looking to point fingers at anyone but himself.

 

That’s who I am. That’s who many of you are. That’s why this entire political Gong Show that has become our policies and markets gets us so fired up. That’s also why we are going to lead from the front and change it. The day you stop blaming everyone but yourself, is the day you start to lead.

 

Morgan Stanley got a subpoena last night for doing what it is that the Old Wall does. So, they put out a press release admitting as much – but, in doing so, entirely missed the point – i.e. what it is that they do during the IPO process doesn’t make sense to The People. This is a huge political football going into the US Presidential Election.

 

Since Morgan Stanley was a recipient of socialized bailout policies, now that’s their problem to deal with. That’s the other side of the Hank Paulson trade. It’s now the US stock market’s problem too. The US Financial Sector ETF (XLF) is laden with the Too Big To PR names.

 

In the last 2 days I have basically yard-sale’d my Global Equity exposure. On Monday morning we had 27% US Equity and 12% International Equity exposures, respectively. I’ll go into the open with the following:

  1. US Equities 6% (Healthcare = XLV)
  2. International Equities = 0%
  3. US Dollar = 9%

I’m not going to apologize for playing this game fast. Sometimes you have to. I’ve been a Long Time Leaving this charlatanic parade of storytelling. There are only so many times you can assure people that growth “is back” or it just “feels like” an economic recovery.

 

Enough of the “feel” already.

 

Quantitatively, this doesn’t feel like anything other than what the score is telling you. Growth Slowing has been plainly obvious to any economist/strategist who has live quotes and real-time data since March.

 

Inclusive of this morning’s selloffs, here are the asset price draw-downs (ie real-time indicators) since February-March:

  1. Japanese stocks (Nikkei225) = -16.6%
  2. Hong Kong stocks (Hang Seng) = -13.3%
  3. Indian stocks (BSE Sensex) = -13.5%
  4. German stocks (DAX) = -11.8%
  5. Italian stocks (MIB) = -23.8%
  6. Russian stocks (RTSI) = -27.5%
  7. Commodities Index (CRB) = -12.3%
  8. Oil (WTIC) = -17.8%
  9. Gold = -13.0%
  10. Copper = -14.1%

If you bought into any of the cockamamy “surveys” that growth “feels” fine, you can tell me how that’s going to feel in your P&L today. We, as a profession, have been living through growth slowdowns for 5 years and we are better than some of the said sources on growth have repeatedly proven to be.

 

You’ll note that I didn’t include Spain or the US stock market in the draw-down table. But they are in our refreshed Chart of The Day. You’ll recall that you’ve had plenty of opportunity to sell US Equities in the last 3 months; plenty of opportunity to ask yourself ‘heh, why on God’s good earth would the US, China, and Japan “de-couple” from mean reversion risk?’

 

Even if you didn’t say it to yourself that way, you probably thought about it in terms of what we have coined as The Correlation Risk. Get the US Dollar right, and you’ll get pretty much everything else right. That’s not a perma-strategy. Nothing is. It’s just the one that’s not losing you money right here and now.

 

With the US Dollar up for the 4thconsecutive week to $81.80 this morning, here’s your refreshed immediate-term inverse correlations between the USD and everything else:

  1. SP500 = -0.95
  2. Euro Stoxx600 = -0.96
  3. MSCI Emerging Market Index = -0.97
  4. CRB Commodities Index = -0.93
  5. US Treasury 10-yr Yield = -0.93
  6. Copper = -0.97

How does that “feel”?

 

I’ve been a Long Time Leaving the broken forecasting processes of the Old Wall. Most of these outfits have missed every single Growth Slowing call since 2007. Unless they change what it is that they do, they might just be a long time gone soon too.

 

My 27 person research team and I will be grinding through our long/short positions on our Best Ideas Conference Call this morning at 11AM EST. Please ping if you’d like access to Risk Managed Buy-Side Research built by buy-siders.

 

My immediate-term support and resistance ranges for Gold, Oil (WTIC), US Dollar Index, EUR/USD, and the SP500 are now $1, $90.13-93.28, $1.26-1.28, and 1, respectively.

 

Best of luck out there today,

KM

 

Keith R. McCullough
Chief Executive Officer

 

Long Time Leaving - Chart of the Day

 

Long Time Leaving - Virtual Portfolio


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