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TWTR: What the Street is Missing

Takeaway: Monetization has been TWTR's largest growth driver, but will soon emerge as its biggest headwind as the runway is shorter than most think

NOTE SUMMARY

  1. WHAT'S DRIVING TWTR'S GROWTH: Monetization has been TWTR's largest source of growth since 3Q13.
  2. WHAT'S DRIVING MONETIZATION: We believe it is increasing supply more than anything else.
  3. WHAT ABOUT INDUSTRY-LOW AD LOAD: That is inclusive of desktop, which it is barely monetizing.
  4. WHEN DOES MONETIZATION TURN: Growth begins decelerating in 2H14/2015 when it starts comping against the 2Q13 supply shock.

 

WHAT'S DRIVING TWTR'S GROWTH?

TWTR has received a string of upgrades as of late, largely on the basis of valuation. However, we do not believe the sell-side is giving due consideration to what is really driving the TWTR's growth trajectory.  

 

TWTR defines its three growth drivers as:

  1. User Growth: Monthly Active Users (MAUs)
  2. Engagement: Timeline Views/MAU
  3. Monetization: Ad Revenue/Timeline View

 

Over the last two earnings releases, the Street has soured over waning trends in MAUs and engagement.  However, Monetization has been firing on all cylinders, driving accelerating growth dating back to 1Q13.  The question is why?  

 

We could just assume that TWTR enhanced its ad targeting ability, which drove the surge in ad engagements (which is how TWTR gets paid).  However there's a more plausible and tangible explanation, which is increasing supply.

 

 

TWTR: What the Street is Missing - TWTR   Growth Drivers

WHAT'S DRIVING MONETIZATION?

The metrics in the chart below are the sequential change in ad engagement and ad pricing as reported by management (-.86 correlation dating back to 2Q12).  We believe the ongoing deceleration in pricing is a reflection of an accelerating level of available ad inventory (supply).  

 

Twitter's ads are purchased through its self-service ad exchange, where the price is determined through a bidding process.  We estimate the average cost/ad engagement (price) has cumulatively declined 85% over the last 2 years.  We believe a surge of increasing ad inventory led to this decline;  The tight correlation between ad engagements and pricing during the period suggests rising supply has been its largest source of monetization growth.

 

TWTR: What the Street is Missing - TWTR   Ad Engagement vs. Pricing

BUT WHAT ABOUT ITS INDUSTRY-LOW AD LOAD?

This may be true, but this statement is inclusive of the desktop, which TWTR is barely monetizing.  The overwhelming majority of its revenue and growth has been driven by mobile.  In 1Q14, desktop revenue grew only 15% y/y (vs. 197% on mobile).  The relatively sluggish desktop growth reinforces our view that TWTR's desktop UI is poorly designed for monetization.  That said, mobile will likely remain its key source of revenue growth.

 

However, the very important distinction between mobile and desktop is screen size. TWTR can only add so much ad inventory on its mobile platform before pushing users away.  

 

TWTR: What the Street is Missing - TWTR   Mobile vs. Desktop Rev

WHEN DOES MONETIZATION TURN?

It's hard to pinpoint the quarter, but we're expecting monetization growth to decelerate meaningfully beginning in 2H14 and into 2015.  That is because of what happened during 2Q13; the quarter that TWTR saw its sharpest drop in ad pricing (-46% q/q), which we believe corresponds with its sharpest surge in supply.

 

TWTR has benefited from the 2Q13 supply shock in each subsequent quarter since on a y/y basis.  And while pricing has continued to decelerate each quarter since (hence supply has risen), it hasn't been to the same magnitude as 2Q13.  

 

When we look out to 2015, consensus is assuming 61% revenue growth (on top of the 91% consensus growth in 2014).  We've already seen waning growth in Users and Engagement, which means monetization needs to pick up more of the slack next yeart. 

 

That said, it will only get tougher to comp against that 2Q13 supply shock in 2H14/2015, because the more supply TWTR introduces moving forward, the more likely they are to push mobile users away.  

 

TWTR: What the Street is Missing - TWTR   Rev Trajectory

TWTR: What the Street is Missing - TWTR   HRM vs. Cons 2Q14

 

If you have any questions, or would like to discuss in more detail, let us know. 

 

Hesham Shaaban, CFA

@HedgeyeInternet

 

 

 


LEISURE LETTER (05/19/2014)

Tickers: BYD, H, VAC

EVENTS TO WATCH

Monday, May 19

  • Louisiana revenues out for April

Tuesday, May 20- Wednesday 21

  • East Coast Gaming Congress

Tuesday, May 20 -Thursday May 22

  • G2E Asia - The Venetian Macao

http://www.g2easia.com/Conference/#IGaming

COMPANY NEWS

INSIDER ACTIVITY:

BYD – William Boyd, Vice President, sold 12,000 shares of stock on Wednesday, May 14th at an average price of $11.02, for a total value of $132,240.00. Mr. Boyd now directly owns 33,960 shares in the company.

 

Macau Legend 1680.HK – Chief executive David Chow Kam-fai acquired 24.8 million shares in the company from April 30 to May 14 at an average of HK$5.79 each. The chief executive now owns 31.35% of the outstanding shares.

 

Melco Int’l Development 200.HK – Chief executive Lawrence Ho Yau-lung acquired 2.8 million shares from May 9 to 12 at an average of HK$23.59 each. The additional shares increased his holdings to 48.93%.

 

VAC – J Marriott, Jr. sold 25,220 shares on Tuesday, May 13 at an average price of $57.11. Following the transaction, the insider now directly owns 313,464 shares.

Takeaway:  Interesting that insiders of US listed companies are selling while insiders in HK-listed Macau gaming operators are buying shares. 

  

 

MHGC – Vector Group disclosed a 6.4% stake, strongly supports the potential sale or merger of the company, communicated to the company’s board that the company should be sold in a transaction to maximize stockholder value.

Takeaway:  More activism at this company.

 

H – announced the Company's Board of Directors authorized the repurchase of up to an additional $300 million of the Company's common stock. The Company currently has approximately $385 million remaining under its repurchase authorization.

Takeaway:  Recycling proceeds from non-core businesses into share repurchases, we like this trend at Hyatt.  

 

Silversea – drops Yalta, Sevastopol, Odessa from 4 Black Sea cruises (Seatrade Insider)

Citing the continued unrest in Ukraine, Silversea Cruises modified the itineraries of four Black Sea sailings that were scheduled to call at Yalta, Sevastopol or Odessa this year.  Silver Spirit's July 21 seven-day cruise will remain entirely a Black Sea itinerary with Turkey's Trabzon replacing Odessa, while three new nine-day voyages will focus on destinations in Greece and Turkey, and also retain the original Black Sea ports of Constanza and Nessebur. 

Takeaway:  More Black Sea calls canceled

INDUSTRY NEWS

Macau Junket Vetting – (Macau Business Daily) The Gaming Inspection and Coordination Bureau is being asked to review a licence issued to a junket operator that promotes VIP rooms. The request was sent by the International Union of Operating Engineers, a US trade union, and ‘provides detailed information on a junket owner who has been a business partner in separate ventures with Chan Seng Leong and Si Cheng Wan, two members of the 14K triad headed by Wan Kuok Koi (also known as ‘Broken Tooth Koi’).’  Chan Seng Leong and Si Cheng Wan previously had connections to Pun Chi Man, the owner of three gaming promoter licenses.  

Takeaway:  Union head Jeff Fiedler has been particularly punchy (or Pun Chi if you will) as of late when it comes to Macau.

 

UnionPay – (Macau Business) Two men have been arrested in Macau in a crackdown on the use of China UnionPay mobile swipe card devices.  Press reports indicated police officers stopped the men as they took a taxi from a casino on Cotai.  Officers said the pair were found with two of the mobile devices, HK$690,000 in cash and HK$500,000 worth of casino chips.  The men ages 25 and 30 are from Fujian province.   The arrests were the first since a Beijing-backed crackdown on the use of the payment devices was launched.

Takeaway: Poster story for the crackdown.

 

UnionPay – (Macau Business Daily) Secretary for Economy and Finance Francis Tam Pak Yuen dismissed the suggestion that there will be new rules on the use of China UnionPay cards in Macau come July.  However, Mr. Tam also stressed the Macau government will step up the rules if needed.  “We have always had measures ready [regarding the UnionPay cards] were there such a need,” said Mr Tam. “But at this moment we’ve not reached the step of issuing clear guidelines to stop some activities at a certain date.” The government is “closely monitoring” the situation and “will strengthen supervision if needed”, the secretary added. 

Takeaway: Maybe no new formal rules but casinos have already moved UnionPay retail outlets off the casino floors. 

 

Bird Flu - Health authorities in south China's Guangdong Province on Saturday reported two more human cases of H7N9 bird flu infection. A 37-year-old man, a native of Zhongshan City, was confirmed to have been infected with H7N9 virus on Friday, and the second case was reported in the city of Meizhou, where a 86-year-old man was confirmed to have contracted the virus. Both of the patients are in critical condition.

Takeaway:  Investors no longer react to bird flu scares.

 

Online Gaming – A national group of legislators from states where gambling is legal is recommending standards that states considering legalizing Internet gambling might adopt. The National Council of Legislators from Gaming States issued a framework for state legislatures to consider as they ponder legalizing Internet gambling, which is currently legal only in Nevada, New Jersey and Delaware. It says it does not take a position for or against Internet gambling.

Takeaway: Stay tuned, this debate feels like it's about to get hot...

MACRO

China to allow Provicial Municipal Funding(WSJ) China will allow 10 provinces and cities to sell bonds on their own credit later this year, introducing the country's first Western-style municipal bonds as it broadens financing channels for local governments.

Takeaway: Another sign the Chinese Central Government can no longer support all the required financial needs of the provincial governments? 

 

Hedgeye remains negative on consumer spending and believes in more inflation.  Following  a great call on rising housing prices, the Hedgeye

Macro/Financials team is turning decidedly less positive. 

Takeaway:  We’ve found housing prices to be the single most significant factor in driving gaming revenues over the past 20 years in virtually all gaming markets across the US.


MONDAY MORNING RISK MONITOR: STAY DEFENSIVE

Takeaway: Tightening spreads and widening interbank risk measures should have investors keeping the defensive team on the field.

********** High Frequency Trading Conf Call This Thursday **********

We will be hosting a conference call with former SEC Commissioner Roel Campos this Thursday, May 22nd at 2pm EST to weigh in on the current structure of the equity and derivative markets and how regulation around High Frequency Trading (HFT) may come down from regulators.

 

Mr. Campos served as one of the five commissioners of the Securities and Exchange Commission under Chairmans' William Donaldson and Christopher Cox from 2002 to 2007 and was instrumental in crafting the Commission's National Market System (Reg NMS) framework. Mr. Campos recently testified in front of the House Financial Services Committee in February of this year in a Hearing entitled "Equity Market Structure: A Review of SEC Regulation NMS."

 

CLICK HERE to add this Hedgeye Speaker Series call to your Outlook calendar; otherwise, the dial in instructions are also below:

 

Participant Dialing Instructions

 

Thursday May 22nd at 2 pm EST:

  • Toll Free Number:
  • Direct Dial Number:
  • Conference Code: 189818#

 

This call should be of interest to investors in the following stocks:

NDAQ, CME, ICE, GS, MS, BLK, & JPM

 

 

Current Best Ideas:

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 19

 

Key Callouts:

Two important callouts this week include the yield spread compression and the rising Euribor-OIS spread.

 

* 2-10 Spread – Last week the 2-10 spread tightened to 216 bps, -8 bps tighter than a week ago. We track the 2-10 spread as an indicator of bank margin pressure.

 

* Euribor-OIS Spread – The Euribor-OIS spread widened by 2 bps to 19 bps. The Euribor-OIS spread (the difference between the euro interbank lending rate and overnight indexed swaps) measures bank counterparty risk in the Eurozone. The OIS is analogous to the effective Fed Funds rate in the United States.  Banks lending at the OIS do not swap principal, so counterparty risk in the OIS is minimal.  By contrast, the Euribor rate is the rate offered for unsecured interbank lending.  Thus, the spread between the two isolates counterparty risk.  

 

Financial Risk Monitor Summary

 • Short-term(WoW): Negative / 0 of 12 improved / 6 out of 12 worsened / 6 of 12 unchanged

 • Intermediate-term(WoW): Positive / 5 of 12 improved / 4 out of 12 worsened / 3 of 12 unchanged

 • Long-term(WoW): Positive / 3 of 12 improved / 2 out of 12 worsened / 7 of 12 unchanged

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 15

 

1. U.S. Financial CDS -  Swaps widened for 21 out of 27 domestic financial institutions, but were wider by just 2 bps week-over-week.

 

Tightened the most WoW: ACE, ALL, CB

Widened the most WoW: COF, AXP, PRU

Tightened the most WoW: PRU, MET, GS

Widened the most/ tightened the least MoM: BAC, SLM, GNW

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 1

 

2. European Financial CDS - Swaps were notably widener in Europe last week, but remain modestly tighter month-over-month.  Greek banks, which have seen their swaps tighten steadily for months now widened sharply. 

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 2

 

3. Asian Financial CDS - Indian banks were notably tighter last week, coming in by an average of 39 bps and are now tighter by almost as much on a month-over-month basis. 

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 17

 

4. Sovereign CDS – Sovereign swaps widened last week. Italian sovereign swaps widened by 11% (11 bps to 113) and Portuguese sovereign swaps widened by 18% (27 bps to 180).

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 18

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 3

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 4

 

5. High Yield (YTM) Monitor – High Yield rates fell 2.2 bps last week, ending the week at 5.51% versus 5.53% the prior week.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 5

 

6. Leveraged Loan Index Monitor – The Leveraged Loan Index rose 3.0 points last week, ending at 1869.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 6

 

7. TED Spread Monitor – The TED spread rose 1.0 basis points last week, ending the week at 21.1 bps this week versus last week’s print of 20.11 bps.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 7

 

8. CRB Commodity Price Index – The CRB index fell -0.4%, ending the week at 306 versus 307 the prior week. As compared with the prior month, commodity prices have decreased -1.8% We generally regard changes in commodity prices on the margin as having meaningful consumption implications.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 8

 

9. Euribor-OIS Spread – The Euribor-OIS spread (the difference between the euro interbank lending rate and overnight indexed swaps) measures bank counterparty risk in the Eurozone. The OIS is analogous to the effective Fed Funds rate in the United States.  Banks lending at the OIS do not swap principal, so counterparty risk in the OIS is minimal.  By contrast, the Euribor rate is the rate offered for unsecured interbank lending.  Thus, the spread between the two isolates counterparty risk. The Euribor-OIS spread widened by 2 bps to 19 bps.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 9

 

10. Chinese Interbank Rate (Shifon Index) –  The Shifon Index rose 13 basis points last week, ending the week at 2.35% versus last week’s print of 2.22%. The Shifon Index measures banks’ overnight lending rates to one another, a gauge of systemic stress in the Chinese banking system.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 10

 

11. Chinese Steel – Steel prices in China fell 1.6% last week, or 52 yuan/ton, to 3,258 yuan/ton. We use Chinese steel rebar prices to gauge Chinese construction activity, and, by extension, the health of the Chinese economy.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 12

 

12. 2-10 Spread – Last week the 2-10 spread tightened to 216 bps, -8 bps tighter than a week ago. We track the 2-10 spread as an indicator of bank margin pressure.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 13

 

13. XLF Macro Quantitative Setup – Our Macro team’s quantitative setup in the XLF shows 0.8% upside to TRADE resistance and 1.4% downside to TRADE support.

 

MONDAY MORNING RISK MONITOR: STAY DEFENSIVE - 14

 

Joshua Steiner, CFA

 

Jonathan Casteleyn, CFA, CMT

 


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Not a Hope in Hell

Client Talking Points

UST 10YR

A 2.51% yield starts the week off down after a lot of people said bond yields couldn’t go lower yet. Newsflash: JGB 10-year yields are at 0.58%. If we go 0% forever, there is a precedent. 2.61% TAIL risk resistance = on. Consensus for the 10-year yield is 3.32% for year end - not a hope in hell that happens if inflation continues to slow growth expectations.

OIL

Inflation in the oil price of +2.3% last week sees WTIC up another +0.6% this morning, just in time for Memorial Day weekend when Americans are being taxed six-ways to Sunday from rent to food. #InflationAccelerating.

ITALY

The MIB Index smoked for a -2.9% drop this morning in a rather abrupt move as Italian stocks have given back ½ their year-to-date gains on the “Sell in May and go away” trade – that’s very much on in US growth (Russell 2000) exposures as well.

Asset Allocation

CASH 30% US EQUITIES 0%
INTL EQUITIES 6% COMMODITIES 20%
FIXED INCOME 20% INTL CURRENCIES 24%

Top Long Ideas

Company Ticker Sector Duration
HOLX

Hologic is emerging from an extremely tough period which has left investors wary of further missteps. In our view, Hologic and its new management are set to show solid growth over the next several years. We have built two survey tools to track and forecast the two critical elements that will drive this acceleration.  The first survey tool measures 3-D Mammography placements every month.  Recently we have detected acceleration in month over month placements.  When Hologic finally receives a reimbursement code from Medicare, placements will accelerate further, perhaps even sooner.  With our survey, we'll see it real time. In addition to our mammography survey. We've been running a monthly survey of OB/GYNs asking them questions to help us forecast the rest of Hologic's businesses, some of which have been faced with significant headwinds. Based on our survey, we think those headwinds are fading. If the Affordable Care Act actually manages to reduce the number of uninsured, Hologic is one of the best positioned companies.

OC

Construction activity remains cyclically depressed, but has likely begun the long process of recovery.  A large multi-year rebound in construction should provide a tailwind to OC shares that the market appears to be underestimating.  Both residential and nonresidential construction in the U.S. would need to roughly double to reach post-war demographic norms.  As credit returns to the market and government funded construction begins to rebound, construction markets should make steady gains in coming years, quarterly weather aside, supporting OC’s revenue and capacity utilization.

LM

Legg Mason reported its month ending asset-under-management for April at the beginning of the week with a very positive result in its fixed income segment. The firm cited “significant” bond inflows for the month which we calculated to be over $2.3 billion. To contextualize this inflow amount we note that the entire U.S. mutual fund industry had total bond fund inflows of just $8.4 billion in April according to the Investment Company Institute, which provides an indication of the strong win rate for Legg alone last month. We also point out on a forward looking basis that the emerging trends in the mutual fund marketplace are starting to favor fixed income which should translate into accelerating positive trends at leading bond fund managers. Fixed income inflow is outpacing equities thus far in the second quarter of 2014 for the first time in 9 months which reflects the emerging defensive nature of global markets which is a good environment for leading fixed income houses including Legg Mason.

Three for the Road

TWEET OF THE DAY

76% of people reject socialist policy (to hike min wage to $25/hr) in Switzerland #WellDone @KeithMcCullough

QUOTE OF THE DAY

"If you'll not settle for anything less than your best, you will be amazed at what you can accomplish in your lives." - Vince Lombardi

STAT OF THE DAY

AT&T has agreed to acquire America's biggest satellite television provider, DirecTV, in a deal worth almost $50 billion. (CNN)


Un-friending US Growth

This note was originally published at 8am on May 05, 2014 for Hedgeye subscribers.

“There is no friendship in trade.”

-Cornelius Vanderbilt

 

Un-friending US Growth - facebook thumbs down

 

Forget about what Facebook (FB) did on Friday. In one of the more epic 2 hour moves I have ever seen, the US bond market un-friended the US growth bulls, big time.

 

At 8:30AM the lagging of all lagging economic indicators (the monthly US unemployment rate) was met with some of the funniest tweets my contra-stream has ever seen: “Boom!” (as in this is  great report), “Bye bye Bond Market”, “Stocks gonna rip!”, etc.

 

By 10:30AM, as you can see in the Chart of The Day, anyone who bought US growth stocks and sold what’s been working all year (Gold, Bonds, etc.) felt shame. #Tweetless

 

Un-friending US Growth - Chart of the Day

 

Back to the Global Macro Grind

 

To be crystal clear, with the 10yr US Treasury Yield -15% YTD to 2.58% and US GDP 0.11% in Q114, Mr. Macro Bond Market has completely nailed it in 2014.

 

Since everyone other than guys @ISI (who are trying to story-tell about 3-4% US Growth) understands the relationship between a rising bond market (falling bond yields) and falling growth expectations, the real-time price truth is on the tape.

 

With the Russell2000 (proxy for US Growth stocks) -3% YTD, what else is going on out there on the scoreboard?

  1. US Dollar down another -0.3% last week to $79.51 on the US Dollar Index (re-testing its YTD lows)
  2. The Currency Power Couple (Euro and Pound) were up another +0.3-0.4% last week to +1.9-3.0% YTD vs the Burning Buck
  3. European Stocks (EuroStoxx600) were up +1.3% last week (vs the Russell2000 +0.5%) to +2.9% YTD
  4. MSCI World Equity Index beat the Russell last week too, +1.2% = +1.8% YTD
  5. Canadian Stocks (TSX Composite Index) were up another +1.6% last week to +8.4% YTD

Blame Canada (who also had the “weather”, like the UK did – but didn’t spend the last 3 months blaming it like CNBC growth bulls have).

 

Now, if they can’t blame the weather for a 9-week high in US jobless claims (reported on Thursday, which isn’t a lagging jobs indicator), what precisely do you think they’ll start to blame as they cut their 2014 US GDP “forecasts”?

 

Alec, I’ll take US #InflationAccelerating for $500 (pre-tax!):

  1. Food Prices (CRB Foodstuffs Index) were up another +0.7% last week to a tasty +22.3% YTD
  2. Cattle Prices were up another +3.1% last week to +11.1% YTD
  3. Natural Gas Prices were up another +0.6% last week to +14.0% YTD

No worries though, the natural gas thing was all about the weather on the East Coast in February, right? If poor people being pulverized by food and shelter costs can’t afford the air conditioning this summer, tell them to go topless.

 

Cotton prices up another +1.1% last week to +12.3% YTD are prohibitive to wearing t-shirts anyway. After they eat an iPad, the median consumer in America (who makes $47,296.72 a year pre-tax and spends $42,996.83) can swallow Janet’s un-tapering reaction to slowing data, and like it.

 

Obviously this isn’t funny – an un-legislated Policy To Inflate (taxing 80% of Americans with QE on their cost of living) rarely is. Looking at the average American’s Spending Breakdown (slide 15 of our Q214 Macro Themes Deck):

  1. Housing = 29.2%
  2. Transportation = 17.6%
  3. Food = 12.5%

Yep, your un-elected Fed tells you all of that stuff is “non-core.” While food and shelter are primitive concepts for some, for most of us they are core costs. And since 30% of the country still rents, the all-time highs in US rents matters to real people with real costs too.

 

Oh yeah. I almost forgot to tie in the introduction of today’s note with the conclusion. Why is it that bond yields got slammed intraday on a “better than expected jobs report”? That’s easy. As opposed to being a backward-looking-editorial-passive-trend-follower, markets are forward looking.

 

My read-through on what both the bond and currency markets have been telling you for 4 months is that they’ll be telling you more of the same in the next 4 months. As growth slows, the Fed will get even easier à Dollar and Bond Yields fall further à  Inflation continues to accelerate, and real growth consensus is un-friended, faster.  

 

Our immediate-term Global Macro Risk Ranges are now as follows:

 

UST 10yr Yield 2.56-2.68%

SPX 1860-1888

RUT 1093-1133

USD 79.19-79.88

Gold 1291-1324

Corn 4.96-5.21

 

Best of luck out there this week,

KM

 

Keith R. McCullough
Chief Executive Officer


May 19, 2014

May 19, 2014 - Slide1

 

BULLISH TRENDS

May 19, 2014 - Slide2

May 19, 2014 - Slide3

May 19, 2014 - Slide4

May 19, 2014 - Slide5

May 19, 2014 - Slide6

May 19, 2014 - Slide7 

BEARISH TRENDS

May 19, 2014 - Slide8

May 19, 2014 - Slide9

May 19, 2014 - Slide10

May 19, 2014 - Slide11
May 19, 2014 - Slide12


Hedgeye Statistics

The total percentage of successful long and short trading signals since the inception of Real-Time Alerts in August of 2008.

  • LONG SIGNALS 80.33%
  • SHORT SIGNALS 78.51%
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