TODAY’S S&P 500 SET-UP – June 4, 2012

As we look at today’s set up for the S&P 500, the range is 32 points or -0.79% downside to 1268 and 1.72% upside to 1300. 












    • Down from the prior day’s trading of -124
  • VOLUME: on 6/01 NYSE 999.49
    • Decrease versus prior day’s trading of -24.72%
  • VIX:  as of 6/01 was at 26.66
    • Increase versus most recent day’s trading of 10.81%
    • Year-to-date increase of 13.93%
  • SPX PUT/CALL RATIO: as of 6/01 closed at 2.64
    • Up from the day prior at 1.74 


USA – futures have gone from down 10 to down 3 and, more importantly, bond yields stopped falling – the 10yr is already up 5bps this morning vs Friday’s smack-down close; yield spread 5bps wider on that, which this market direly needs. 

  • TED SPREAD: as of this morning 41
  • 3-MONTH T-BILL YIELD: as of this morning 0.06%
  • 10-Year: as of this morning 1.49
    • Increase from prior day’s trading at 1.45
  • YIELD CURVE: as of this morning 1.24
    • Up from prior day’s trading at 1.21 

MACRO DATA POINTS (Bloomberg Estimates):

  • 9:45am: ISM New York, May (prior 61.2)
  • 10am: Factory Orders, Apr. est. 0.2% (prior rev. -1.9%)


    • Pres. Obama attends fundraisers in New York with Bill Clinton
    • House, Senate in session
    • CFTC adopts Swap Dealer and Major Swap Participant Recordkeeping, Reporting and Duty rules


  • EU said to prepare start of perm. bailout fund for July 9
  • ASCO conference continues; Conference preview
  • Spain calls on Merkel to further protect banks
  • Walgreen, Express Scripts agreed to dismiss contract claims
  • China non-manufacturing industries expand at slowest pace since March 2011
  • ISS recommends AOL shareholders vote for 2 Starboard Value nominees, 6 AOL nominees, as directors
  • Wal-Mart to release vote totals after all 16 board members were re-elected on Fri.
  • Yahoo, Facebook in talks to end patent disputes: AllThingsD
  • EFG-Hermes rejects $1.1b bid to pursue QInvest venture
  • Service industries probably kept growing: U.S. econ. preview 


    • Conn’s (CONN) 7am, $0.33
    • Dollar General (DG) 4:05pm, $0.60
    • Shuffle Master (SHFL) 4:05pm, $0.20 


  • Hedge Funds in Longest Rout Since Global Recession: Commodities
  • Copper Drops to Five-Month Low in New York After Data From China
  • Gold Drops as Investors Seek Cash on Equities, Commodities Slump
  • Commodities Drop to 18-Month Low as Slowdown Concern Deepens
  • China’s Gold Imports From Hong Kong Climb to Record in April
  • Speculators Cut Bullish Oil Wagers Before Plunge: Energy Markets
  • Natural Gas Rebounds in New York After Drop on Cooler Weather
  • Palm Oil Slumps to Seven-Month Low Over Global Growth Concern
  • Waterway Petroleum Said to Buy ONGC Naphtha for Loading in June
  • Burundi in Talks With Foreign Investors to Boost Power Output
  • BP Exit From Russia Venture Seen Risking Investor Return: Energy
  • Commodities Slumping as China Sees Weaker Yuan: Chart of the Day
  • Nickel May Drop 3.7 Percent on Retracement: Technical Analysis
  • Funds in Longest Rout Since World Recession
  • Cotton Falls to 31-Month Low on Concern Global Glut Set to Swell
  • China’s Easing Grip on Gas Opening Door to North America Exports
  • Vitol Said to Buy July-Loading Gasoil From Mangalore Refiners










EUROPE – shorting Spain and Italy on Friday didn’t work – both are green this morning; again, markets discount reality and these markets have been crashing for months, so be careful on the short side until we get the bounces; then study those. IBEX +1.7% this morning and the Euro actually has not moved at 1.24.






ASIA – Asian stocks have been going down since Feb/Mar, so last night was more of an immediate-term capitulation more than anything else (Japan down -1.7% = down -19.1% from its March top); interesting that India almost closed flat (given that it was the 1st market to stop going up, it was the 1st to stop going down – for a day).










The Hedgeye Macro Team

Weekly European Monitor: He said, She said

-- For specific questions on anything Europe, please contact me at to set up a call.


No Current European Positions in the Hedgeye Virtual Portfolio


Asset Class Performance:

  • Equities:  The STOXX Europe 600 closed down -3.05% week-over-week vs +1.5% last week. Bottom performers: Spain -7.3%; Romania -6.4%; Finland -5.0%; Germany -4.6%; Denmark -4.6%; Portugal -4.1%; Austria -3.7%. Top performers:  Greece +3.4%; MICEX +1.4%; Poland +1.2%; Hungary +0.3%.
  • FX:  The EUR/USD is down -0.83% week-over-week vs -2.01% last week.  W/W Divergences: RUB/EUR -4.12%, HUF/EUR -1.74%, CZK/EUR -1.56%, GBP/EUR -1.24%, NOK/EUR -1.06%, PLN/EUR -0.93%.
  • Fixed Income:  Another crazy week of swings in yields. Germany hit record lows on the 10YR at 1.17%!!! Greece’s 10YR climbed for yet another week (big surprise!), gaining +17bps week-over-week to 30.69%.  Portugal gained +5bps to 11.98%. Belgium saw the biggest weekly decline at -17bps to 2.82%, followed by France -12bps to 2.26% and Italy -12bps to 5.74%, as Germany dropped -11bps.    On a month-over-month basis, the Greek 10YR yield is up a monster +1038bps!, while France fell -71bps and Germany fell -49bps over the period.

Weekly European Monitor: He said, She said - 11. yields



He said, She said:

In recent weeks we’ve worked hard to contextualize the ever-changing and moving parts in Europe under the assumption that to size up potential outcomes for Europe one must recognize that what Eurocrats “should” do (from a economic policy perspective) may be very different from what they “will” do. We’d direct you to our recent European Monitors titled “On Why Greeks Shouldn’t Leave the Eurozone/EU” on 5/18 and “Hold Your Horses on Greek Exit” on 5/25 for our thinking on the larger issues surrounding a Greek exit. [Email me at if you need a copy].


Our main update for this week is to stress that we believe much hinges on the Greek elections on June 17th. [Note that our EUR/USD is updated below]. Given the runway until then, we expect more stoking of the rumor mill, plenty of political foot in mouth syndrome, and market swings over even the slightest of comments from key Eurocrats.  We see—short of an overnight Greek bank-run—a strong likelihood that no concrete proposals (either Eurobonds, a Pan-European Deposit Guarantee facility, and/or another LTRO) will be issued before elections. We expect Eurocrats, directed by German Chancellor Merkel, to play the card that while fiscal consolidation targets may be grossly ambitious, an all-out rejection of austerity from a government is an unacceptable position, especially for a country like Greece that is receiving bailout money conditional to its austerity program.  Therefore, the call is being put to the Greeks to vote in a pro-austerity party (likely a coalition of New Democracy) versus the anti-austerity camp of Syriza.  


The latest collection of Greek party polls show a mixed picture, largely showing a single digit spread with both Syriza and New Democracy receiving the favor based on the poll. This mismatch is maybe best demonstrated by a poll out today from Kathimerini showing Syriza garnering 31.5% of the vote if held today versus 25.5% for New Democracy; however the poll also noted that 58% believe New Democracy will come in first and only 34% see Syriza winning. Go figure!


Importantly, it’s worth noting that the last Greek opinion poll will be this Sunday, June 3rd, and therefore we’ll largely be in the dark from a sentiment polling perspective ahead of June 17th.


As Greece remains in the crosshairs over the next weeks, we expect talks to heat up on the ESM, the €500B bailout packages expected to come online on July 1stand work in concert with the remaining EFSF, and in particular to discuss adding clauses that explicitly define how it can be used to recapitalize European banks.


Meanwhile, we saw quite a week of weak data, namely in mostly bombed out PMI Manufacturing figures in MAY vs APR; weaker confidence figures across the region; Eurozone unemployment elevating to a 17 year high of 11.0%. One bright spot was CPI, which came in 20bps lower at 2.4% in May Y/Y versus 2.6% in April. (See the Data Dump section below for more). 




Below is an updated EUR/USD price level chart. Our immediate term TRADE and intermediate term TREND levels of support are both at $1.22. Our TRADE resistance level is $1.25. Our call remains that if $1.22 breaks, look out below! We’re not EUR parity folks because we see Eurocrats stepping in to prevent it, however the runway of uncertainty until June 17thelections puts significant downside risk in play. However, we’re well cognizant that the pair could see a bounce on any optimism around discussions concerning any number of proposals on the table, including: Eurobonds, a Pan-European Deposit Guarantee facility, another LTRO, and the ESM.


Weekly European Monitor: He said, She said - 11. eur



Call Outs:

Finland anti Eurobonds - Finnish Prime Minister Jyrki Katainen said in a speech that he was against taking on a bigger financial burden to help address the sovereign debt crisis in Europe. He noted that the government's stance on Eurobonds has been "extremely critical or negative".


Irish say Yes - Ireland approves the Fiscal Compact by a vote of 60.2% to 39.8%.


ECB and LTRO - ECB Governing Council member Ignazio Visco said that the central bank has not ruled out a third longer-term refinancing operation. However, he added that another LTRO is not necessary at the moment given that there is no liquidity problem. Visco, like ECB President Draghi, also argued that the ESM should be allowed to directly recapitalize troubled banks.


Greece - Euler Hermes, the world’s biggest credit insurer, said it will no longer cover new shipments of goods to Greece due to concerns about the country leaving the euro and customers defaulting on payments, which raises the prospect that certain goods will no longer reach Greek companies and stores. Recall Austria’s OeKB Versicherung said earlier this week that it will also drop coverage of new shipments to Greece, while Coface of France said it is only doing business with “the healthiest Greek companies.”


Rehn and Eurobonds - EU Economic and Monetary Affairs Commissioner Olli Rehn told a conference that the euro needs to be underpinned by closer cooperation between member countries to survive and prosper. However, he added that going straight to a discussion about Eurobonds would be a "false debate", as countries first need to bring budgetary policies more into line and move towards a fiscal union.


Draghi on the Eurozone - ECB President Mario Draghi urged Eurozone leaders to intensify their efforts to combat the crisis, noting that the central bank cannot fill the vacuum of the lack of action by national governments on fiscal growth, nor can it fill the vacuum of their lack of action on structural problems. On the banking front, Draghi said a banking union would need to be supervised centrally and require the introduction of a European deposit scheme and resolution fund. He also said that when it comes to recapitalizations, "it is better to err by too much in the very beginning rather than by too little


Eurozone Club Membership - The European Central Bank (ECB) has said that none of the eight countries that are supposed to join the euro are ready yet. The countries include: Bulgaria, the Czech Republic, Latvia, Lithuania, Hungary, Poland, Romania, and Sweden. 


CDS Risk Monitor:


Week-over-week CDS were largely up.  Spain saw the largest gain in CDS w/w at +70bps to 606bps, followed by Italy +63bps to 571bps, France +15bps to 219bps. Portugal was the sole decliner of the countries we track at -18bps to 1177bps.  


Weekly European Monitor: He said, She said - 11. cds a


Weekly European Monitor: He said, She said - 11. cds b


Data Dump:


Weekly European Monitor: He said, She said - 11. pmi manu


Eurozone Unemployment Rate 11% APR [17 year high]  vs 10.9% MAR revised to 11%

Eurozone Business Climate Indicator -0.77 MAY (exp. -0.67) vs -0.51 APR

Eurozone Consumer Confidence -19.3 MAY Final (-19.3 initial) vs -19.9 APR

Eurozone Economic Confidence 90.6 MAY (exp. 91.9) vs 92.9 APR

Eurozone Industrial Confidence -11.3 MAY (exp. -10.2) vs -9.0 APR

Eurozone Services Confidence -4.9 MAY (exp. -2.8) vs -2.4 APR


Weekly European Monitor: He said, She said - 11. economic confidence


Weekly European Monitor: He said, She said - 11. manu and services confidence


Eurozone CPI 2.4% MAY Y/Y (exp. 2.5%) vs 2.6% APR

Eurozone M3 2.5% APR Y/Y vs 3.1% MAR


Germany CPI 2.1% MAY Prelim. Y/Y (exp. 2.2%) vs 2.2% APR   [-0.3% MAY Prelim. M/M (exp. 0.0%) vs 0.1%]

Germany Unemployment Rate 6.7% MAY vs 6.8% APR

Germany Unemployment Chg 0K MAY vs 18K APR

Germany Retail Sales -3.8% APR Y/Y (exp. 0.3%) vs 3.2% MAR   [0.6% APR M/M (exp. 0.2%) vs 1.6% MAR [sales increased for second straight month]

Germany Import Price Index 2.3% APR Y/Y (exp. 2.6%) vs 3.1% MAR    [-0.5% APR M/M vs 0.7% MAR]


France Producer Prices 2.7% APR Y/Y vs 3.7% MAR

France Consumer Spending 0.4% APR Y/Y vs -1.7% MAR


UK Nationwide House Prices -0.7% MAY Y/Y vs -0.9% APR  [0.3% MAY M/M (exp. 0.1%) vs -0.3% APR (1st rise in 3 months)]

UK GfK Consumer Confidence -29 MAY (exp. -32) vs -31 APR (1st positive number in 4 months)

UK M4 Money Supply -3.8% APR Y/Y vs -4.8% MAR


Italy CPI 3.5% MAY Prelim. Y/Y vs 3.7% APR

Italy Unemployment Rate 10.2% APR Prelim (highest in 12 years!!) vs 10.1% MAR

Italy PPI 2.5% APR Y/Y vs 2.8% MAR

Italy Business Confidence 86.2 MAY vs 89.1 APR


Spain Total Housing Permits -27.8% MAR Y/Y vs -36.2% FEB

Spain CPI 1.9% MAY Prelim Y/Y vs 2.0% APR

Spain Retail Sales -11.3% APR Y/Y vs -4% MAR


Switzerland Retail Sales 0.1% APR Y/Y vs 4.7% MAR

Switzerland KOF Swiss Leading Indicator 0.81 MAY (exp. 0.40) vs 0.43 APR

Switzerland Q1 GDP 0.7% Q/Q (exp. 0.0%) vs 0.5% in Q4   [2.0% Y/Y (exp. 0.7%) vs 2.0% in Q4]


Sweden Q1 GDP 1.5% Y/Y (exp. 0.9%) vs 1.0% in Q4   [0.8% Q/Q vs -1.0% in Q4]

Sweden Consumer Confidence 5.9 MAY vs 4.7 APR

Sweden Manufacturing Confidence 0 MAY vs -1 APR

Sweden Economic Tendency Survey 100.9 MAY vs 101.5 APR

Sweden Household Lending 4.8% APR Y/Y vs

Sweden Retail Sales NSA 0.8% APR Y/Y vs 4.2% MAR


Norway Manufacturing Wage Index 0.7% in Q1 Q/Q vs 1.4% in Q4

Norway Unemployment Rate 2.3% MAY vs 2.6% APR

Norway Retail Sales -3.7% APR Y/Y vs 9.6% MAR

Norway Consumer Confidence 22.4 in Q2 vs 17 in Q1

Norway Unemployment Rate 3% MAR vs 3.2% FEB


Finland Business Confidence -12 MAY vs -2 APR

Finland Consumer Confidence 12 MAY vs 10.4 APR

Denmark Q1 GDP 0.3% Q/Q (exp. 0.0%0 vs -0.2% in Q4   [0.2% Y/Y (exp. 0.2%) vs 0.4% in Q4]


Austria PPI 1.1% APR Y/Y vs 1.4% MAR

Belgium Unemployment Rate 7.4% APR vs 7.3% MAR

Belgium CPI 2.81% MAY Y/Y vs 3.18% APR


Greece Retail Sales -15.1% MAR Y/Y vs -11% FEB

Ireland Retail Sales -2.7% APR Y/Y vs -0.9% MAR

Ireland Unemployment Rate 14.3% MAY vs 14.3% APR


Portugal Retail Sales -9.0% APR Y/Y vs -4.5% MAR

Portugal Industrial Production -7.4% APR Y/Y vs -4.7% MAR

Portugal Consumer Confidence -52.6 MAY vs -53.3 APR

Portugal Economic Climate Indicator -4.6 MAY vs -4.7 APR


Hungary Economic Sentiment -24.9 MAY vs -19.3 APR

Hungary Business Confidence -14 MAY vs -9 APR

Hungary Consumer Confidence -55.9 MAY vs -48.8 APR


Interest Rate Decisions:

(5/29) Turkey Benchmark Repo Rate UNCH at 5.75%

(5/29) Hungary Base Rate UNCH at 7.00%



The Week Ahead:


Sunday: Final Opinion Polls for the Greek Election


Monday: Apr. Eurozone PPI


Tuesday: May Eurozone PMI Composite and Services - Final; Apr. Eurozone Retail Sales; May Germany PMI Services - Final; Apr. Germany Factory Orders; May UK BRC Shop Price Index, Lloyds Business Barometer; May France PMI Services – Final; Spain PMI; Italy PMI Services;1Q Finland GDP


Wednesday: ECB Interest Rate Decision; 1Q Eurozone GDP, Household Consumption, Gross Fix Cap, Government Expenditure – Preliminary; Apr. Germany Industrial Production; May UK PMI Construction, BRC Sales Like-For-Like, Halifax House Prices (June 6-8); Apr. Spain Industrial Output


Thursday: UK BoE Asset Purchase Target and Announces Rate; May UK PMI Services, Official Reserves; 1Q France Unemployment Rate; Mar. Greece Unemployment Rate


Friday: Apr. Germany Exports, Imports, Current Account, Trade Balance; May UK BoE/GfK Inflation Expectation Survey, PPI Input and Output, New Car Registrations, Consumer Price Index; 1Q UK GDP – Final; Apr. France Central Government Balance, Trade Balance; Apr. Italy Industrial Production; Apr. Greece Industrial Production


Extended Calendar Call-Outs:


JUNE: Greece to Identify 5.5% of GDP in Austerity Measures


10 June: France – first round of parliamentary elections


14 June: Eurogroup Meeting


15 June: G20 Summit of Finance Ministers


17 June: Greece – probable date for next general election, France – second round of parliamentary election


18-19 June: G20 Summit in Los Cabos, Mexico


20-21 June: Eurogroup Meeting; Ecofin Meeting in Luxembourg


22 June: Greek T-Bill Redemption for 1.3 Billion EUR


28-29 June: EU Summit in Brussels, aim to formally sign off on growth proposals; EC meets to discuss Institutional Affairs


30 June:  Deadline for EU Banks to meet €106B capital target/the 9% Tier 1 capital ratio, Iceland – Presidential election


JULY:  France – extraordinary session of parliament in July is due to re-draft the 2013 budget 


1 July:  ESM to come into force


5 July: ECB governing council meeting


19 July: ECB governing council meeting


18-19 October: Summit of EU Leaders



Matthew Hedrick

Senior Analyst


the macro show

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The Economic Data calendar for the week of the 4th of June through the 8th is full of critical releases and events. Attached below is a snapshot of some (though far from all) of the headline numbers that we will be focused on.




This turnaround story has been in place since mid-2010.  We got behind it then and, while it has not worked in a straight line, the stock has generally worked well as the company has taken share from Bar & Grill competitors. The Brinker story does not end there.


From the outset of this turnaround, Brinker has repeatedly invoked the McDonald’s “Plan to Win” of 2003/2004.  The question is whether or not Chili’s can enjoy as lengthy a period of success as McDonald’s has enjoyed for much of the past decade.  Over that period, McDonald’s has dominated its main rivals, Wendy’s and Burger King, on nearly every metric.  Even today, both chains are still struggling to keep pace with the finely tuned machine in Oakbrook.





Two years into the turnaround, there are a number of similarities we can point to between the Brinker turnaround and the one that McDonald’s engineered almost a decade ago.  We see an opportunity for Brinker to take significant market share over the next five years, expanding its competitive horizons beyond the Bar & Grill category and its traditional competitors like Applebee’s and Ruby Tuesday. 


The Bar & Grill category is on its last legs.  Historically, Chili’s was a hamburger concept that morphed into a Bar & Grill concept as it developed into a national chain.  Over the past ten years, the Bar & Grill space has become hyper-competitive with many of its constituent companies pushing to expand their menus to gain share.  Strained balance sheets, thinned out management teams and the sea change in consumer behavior that came about as a result of the Great Recession have hampered companies’ ability to do so, however. 


Despite this, the financial crisis was in some ways positive for Brinker only in that it compounded prior errors on the part of management to the extent that, for the sake of its survival, the company had no choice but to attack every aspect of its operations to endure.  When Doug Brooks announced his company’s version of the Plan to Win, Chili’s had posted its sixth consecutive quarter of negative same-store sales.  Central to management’s survival strategy was attacking the middle of the P&L – food and labor costs – and the company has seen plenty of success, thus far, following that strategy.


Having sold off non-core assets and now with Chili’s posting its fourth consecutive quarter of positive same-store sales, the future looks bright for Brinker as the benefits of its revitalization plan are beginning to show up in the numbers.  While we see Chili’s as a brand that is strengthening, Applebee’s is a company in a deleveraging process that is also somewhat restricted by its heavily franchised business model in that emulating the advancements Chili’s has made would be difficult if not impossible to bring about in an expeditious manner.  Ruby Tuesday’s is clearly a brand in decline.  Likewise, when McDonald’s began its turnaround, its competitors were also struggling; Wendy’s was dealing with activist investors and several CEO’s while Burger King was being starved of capital by multiple owners.  This allowed McDonald’s to take a measured approach to establishing itself as the best in its segment and then expand the scope of its business to take share from others within the restaurant space.  We see Brinker as being in the process of executing a similar strategy within casual dining.  The company is entering phase two, which is moving management to measure itself against a new group of competitors.





Chili’s is, in our view, leaving its traditional competitors behind.  Ruby Tuesday is a struggling concept and Applebee’s is lagging Chili’s in terms of technology.  One quote from management that spoke to this point came on 4/23/12 when CEO Doug Brooks, said, “we have made a lot of changes at Chili’s and one of the most significant changes we’ve made is how we look at ourselves.  We’re holding ourselves up to what we call benchmark competitors in the industry today”.


The investment Brinker is making in its Chili’s store base is ongoing and, in speaking with store managers we know that the benefits are far reaching in terms of customer satisfaction and food and labor efficiency.  The full benefit of this turnaround will not be evident until 2013 when the entire Chili’s system has been retro-fitted with the “Kitchen of the Future” format.  McDonald’s transitioning from batch cooking to a continuous cooking process in 2004 was a similarly important milestone for that company’s turnaround, enabling it to better serve its customers while also helping the stores to operate more efficiently.


Chili’s is nearing completion of a strategy that Darden and other casual dining companies would possibly do well to replicate; it has stopped growing and has focused on maximizing the profitability of its existing assets.  Comparing itself to the likes of BJRI, BWLD, PNRA and other concepts will only serve to maintain management’s current focus.


As we near the end of the kitchen remodel program, we expect a ramp up in new product platforms being introduced to the Chili’s customer.  We also anticipate significant implications for the company’s top line momentum as a result.  The question is whether or not Chili’s can go on a three- or four-year run of positive same-store sales.  We think it can.


While McDonald’s and Brinker operate in different segments of the restaurant industry, their respective turnarounds are similar in that they have centered on attacking the middle of the P&L.  With margins approaching 20%, if Chili’s can produce a string of positive same-store sales results, the flow through to the bottom line will be substantial.


EAT - STRAIGHT UP THE MIDDLE - eat mcd turnaround





Chili’s offering steak obviously pits the company against the likes of Texas Roadhouse and Outback Steakhouse.  Technological improvements in the Chili’s kitchen have allowed the company to add platforms, like steak, to its menu without adding undue labor to the P&L.  For example, the Impinger oven, which we have seen in action in several Chili’s stores, allows the company to easily produce flat bread and pizza.  We believe that this places BJRI, another new competitor, in Chili’s cross hairs. 


In conclusion, we believe that Chili’s has been executing its turnaround extremely well given the economic circumstances it faces.  One stark dissimilarity between the McDonald’s turnaround and Brinker’s is that the economic backdrop today is a world apart from what it was in 2004.  Our view of the casual dining category is sensitive to the macroeconomic outlook, particularly employment, but for any investors looking to increase exposure to casual dining, we believe that EAT will outperform over the longer term.



Howard Penney

Managing Director


Rory Green






HedgeyeRetail: Chart of the Day

Personal income ticks down materially in conjunction with a weak jobs report. But personal consumption does not. Instead, the personal savings rate (down 40bps to 3.4% -- the lowest rate since 8/08) acted as a buffer and allowed Americans to execute on its most consistent behavioral pattern – spend regardless of changes in the day to day Macro climate. This story does not have a pretty ending.


 HedgeyeRetail: Chart of the Day  - Piggy bank chart of the day