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MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN

Takeaway: The shortened holiday week was punctuated by big moves in AGO, MBIA and Espirito Santo.

Current Best Ideas:

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 19

 

Key Callouts:

 

* U.S. Financial CDS -  Swaps at Assured (AGO) and MBIA (MBI) were sharply wider on the week, adding 87 and 137 bps, respectively. The moves come in response to Puerto Rican municpal debt exposure. Outside of those two entities, however, most of the rest of the complex was modestly tighter week over week. 

 

* European Financial CDS - After widening steadily, swaps were predominantly tighter in Europe this past week. Part of the relief came from Portugal where initial reports of a Luxembourg investigation into Espirito Santo turned out to be wrong. Meanwhile, a temporary short-selling ban in the stock and management change all led to a relief rally. Espirito Santo swaps were 24 bps tighter on the week, closing at 294 bps, but remain +124 bps on the month. 

 

 

Financial Risk Monitor Summary

 • Short-term(WoW): Positive / 5 of 12 improved / 1 out of 12 worsened / 6 of 12 unchanged

 • Intermediate-term(WoW): Negative / 3 of 12 improved / 6 out of 12 worsened / 3 of 12 unchanged

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

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 15

 

1. U.S. Financial CDS -  Swaps at Assured (AGO) and MBIA (MBI) were sharply wider on the week, adding 87 and 137 bps, respectively. The moves come in response to Puerto Rican municpal debt exposure. Outside of those two entities, however, most of the rest of the complex was modestly tighter week over week. 

 

Tightened the most WoW: C, MMC, MTG

Widened the most WoW: MBI, AGO, AIG

Tightened the most WoW: TRV, ACE, ALL

Widened the most MoM: MBI, AGO, WFC

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 1

 

2. European Financial CDS - After widening steadily, swaps were predominantly tighter in Europe this past week. Part of the relief came from Portugal where initial reports of a Luxembourg investigation into Espirito Santo turned out to be wrong. Meanwhile, a temporary short-selling ban in the stock and management change all led to a relief rally. Espirito Santo swaps were 24 bps tighter on the week, closing at 294 bps, but remain +124 bps on the month. 

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 2

 

3. Asian Financial CDS - Swaps in Asian Financials were mostly tighter on the week, falling by an average of 3 bps. Chinese banks tightened slightly more than peers in India and Japan.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 17

 

4. Sovereign CDS – Sovereign swaps were little changed on the week outside of Portugal. Portguese swaps tightened 22 bps to 132 bps on the news that its largest bank, Espirito Santo, was not under investigation by Luxembourg. 

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 18

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 3

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 4

 

5. High Yield (YTM) Monitor – High Yield rates rose 1.1 bps last week, ending the week at 5.34% versus 5.32% the prior week.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 5

 

6. Leveraged Loan Index Monitor – The Leveraged Loan Index rose 4.0 points last week, ending at 1885.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 6

 

7. TED Spread Monitor – The TED spread rose 1.3 basis points last week, ending the week at 22.5 bps this week versus last week’s print of 21.16 bps.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 7

 

8. CRB Commodity Price Index – The CRB index fell -1.9%, ending the week at 307 versus 313 the prior week. As compared with the prior month, commodity prices have increased 0.8% We generally regard changes in commodity prices on the margin as having meaningful consumption implications.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 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 was unchanged at 15 bps.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 9

 

10. Chinese Interbank Rate (Shifon Index) –  The Shifon Index rose 8 basis points last week, ending the week at 2.96% versus last week’s print of 2.89%. 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: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 10

 

11. Chinese Steel – Steel prices in China were unchanged last week at 3,125 yuan/ton, but are down 90 yuan/ton in the past month (-2.8% m/m). We use Chinese steel rebar prices to gauge Chinese construction activity, and, by extension, the health of the Chinese economy.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 12

 

12. 2-10 Spread – Last week the 2-10 spread widened to 213 bps, 6 bps wider than a week ago. We track the 2-10 spread as an indicator of bank margin pressure.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 13

 

13. XLF Macro Quantitative Setup – Our Macro team’s quantitative setup in the XLF shows 0.4% upside to TRADE resistance and 3.9% downside to TRADE support.

 

MONDAY MORNING RISK MONITOR: PUERTO RICO PUTS GUARANTOR SWAPS IN A TAILSPIN - 14

 

Joshua Steiner, CFA

 

Jonathan Casteleyn, CFA, CMT

 


MACAU: JULY PROVIDES NO RELIEF

One week of data is hardly reliable but it does appear the soft results from June have continued into July. 

 

 

THE CALL TO ACTION

The long trade we made two weeks ago looks off as we recommend caution into more difficult Mass comps and a soft July.

 

THE SETUP

Table revenues averaged only HK$725 million per day through the first 6 days of the month, down 21% from the difficult comparable week last year.  We believe some of the operators held low but VIP volumes also appear soft.  Mass continues to be strong but we would caution that comparisons get tougher the rest of the year on the Mass side.  July is the first month to lap last year’s sharp rise in Mass table minimum bets.  See our June 13th note “MACAU – HANDICAPPING MASS DECELERATION”.  

 

MACAU: JULY PROVIDES NO RELIEF - m1

 

We expect sequential improvement throughout the rest of July.  As shown in the following chart, the comps ease the next few weeks.  Be careful with the 3rd and 4th week comps - they are impacted by the recurring "placeholder" revenue figure and must be viewed in the aggregate.  For the full month of July 2014, we expect full month GGR growth to be flat to slightly down YoY.  

 

MACAU: JULY PROVIDES NO RELIEF - M3

 

Market shares are irrelevant this early in the month but for those interested, here they are:

 

MACAU: JULY PROVIDES NO RELIEF - m2

 


LEISURE LETTER (07/07/2014)

Tickers: ALL.AX, LVS, ISLE, MAR, RCL, CCL

EVENTS

  • July 15-17 Pre-RCL earnings Hedgeye Cruise pricing survey

COMPANY NEWS

ALL: AX  Aristocrat Leisure – announced two acquisitions.

  1. Acquired U.S.-based Paltronics Inc, including intellectual property relating to products. Paltronics is a leading supplier of jackpot managers and display systems for casino games - including applications for in-game media windows and bonusing applications for electronic gaming machines, video poker machines and table games.  Paltronics jackpot controllers have been deployed in Aristocrat’s linked progressive products, including its Hyperlink and Xtreme Mystery.
  2. Acquired Video Gaming Technologies, Inc. for total consideration of US$1,283m in cash, subject to certain adjustments and regulatory approvals.  Privately owned VGT is a provider of gaming machines for the leased tribal gaming market in North America.  VGT had an installed base of approximately 20,200 leased machines at the end of last year.  After the acquisition, Aristocrat will have an estimated market share of 31% in the North American tribal leased machine market versus the current 5% well ahead of second-placed IGT, which has a market share of 22%, according to a presentation from Aristocrat.

Takeaway:  Solid acquisitiona as Aristocrat continues to make ground in the North American market.  Aristocrat is unlikely to be a suitor for IGT.

 

27:HK Galaxy Entertainment Group – Francis Lui sees revenue growing by 10% or more Macau Business
Galaxy's vice-chairman, Francis Lui Yiu Tung, says he expects annual growth of at least 10% in his company’s gross gaming revenue in Macau this year.  Lui also told reporters that he expected the company’s annual revenue from VIP gaming to increase by less than 10% this year.

Takeaway:  Galaxy has been outstanding, particularly on the VIP side.  YTD, GGR at Galaxy is up 24% YoY.

 

LVS & 1928:HK – announced a “special award” to over 27,000 full time employees who are manager grade and below. The award, equal to one month’s salary, will be paid July 31. In addition, this benefit will also be paid each year together with the July payroll until 2017.

Takeaway: Adelson's response to Wynn Macau's Employee Ownership Scheme.

 

ISLE – City of Bettendorf approves ISLE's new land-based casino.  The new casino on-land will be around 70,000 square feet. This is about the same size as the current boat.

Takeaway: Construction is expected to begin within 30 days 

 

MAR – Atlantis Paradise Island in Nassau, Bahamas, will join the Autograph Collection, Marriott International's portfolio of more than 60 independent hotels.

The 3,400-room Atlantis will be Autograph's first resort in the Bahamas and will be the largest hotel in the collection. Atlantis will have access to Marriott International's global sales and reservation system as well as the Marriott Rewards program. Atlantis, owned by Brookfield Asset Management and independently managed, will join the Autograph Collection this autumn. 

Takeaway: An interesting addition to the Autograph collection. Atlantis has experienced operating challenges giving up ADR to drive higher occupancy since the global financial crisis and recession of 2008.

 

RCL– Celebrity Cruise Ship Departure Delayed due to Mechanical Issue; Skips Port Stop Cruise Critic

A spokesperson from Celebrity said: "Celebrity Reflection's stay in Civitavecchia, Italy was extended in order to resolve a technical issue. The repairs have been completed and the ship departed Civitavecchia at approximately 3:00 p.m. local time. The ship is currently sailing to Athens (Pireaus), Greece, and is expected to arrive on Monday, July 7, as originally scheduled."  Passengers received an unspecified amount of onboard credit as a gesture of good will from the cruise line

Takeaway:  Another Celebrity incident

 

Celebrity offers agents the chance to earn a cruise TTG Digital

The “Sell and Sail” promotion will enable any agent who makes five Celebrity Eclipse bookings to earn a future cruise certificate for the line worth £1,000.

Agents who make 10 bookings will enjoy £2,000 worth Celebrity Cruises holidays, with £5,000 up for grabs for those who make a 25 bookings.  The incentive applies to all Celebrity Eclipse 2014 sailings between August 16 and November 8, which is the end of the ship’s Southampton-based season.

 

Hurricane Arthur 

CCL - Forces Cruise Ship Itinerary Change Cruise Critic

Hurricane Arthur has forced Carnival Splendor to call in at Bermuda rather than St. John. 

 

RCL - canceled stops at CocoCay Cruise Critic

Royal Caribbean canceled stops at its private island of CocoCay, affecting Majesty of the Seas, Enchantment of the Seas, and Grandeur of the Seas. 

 Takeaway:  Doesn't look like Arthur made much impact

INDUSTRY NEWS

Macau VIP Gaming & Smoking Ban (Macau Business Daily) The DICJ has defined the characteristics that a VIP gaming room should have if a casino operator wishes to allow smoking in a VIP gaming room including: 1) “separate areas” or isolate them with “physical or architectural barriers” from the main casino; 2) gamblers using VIP rooms where smoking is allowed must have special passes issued by the casino, and 3) the chips used in such rooms must be different from the chips used elsewhere in the casino.

Takeaway: New regulator pronouncements aimed at "clearing the air".

 

Egypt Fiscal Reforms, Negative for Cruise Industry – Egypt raised taxes on many consumer products over the weekend, including cigarettes, alcohol, natural gas and gasoline as part of a series of measures to curb the budget deficit and reform the economy as Egypt is trying to reduce its deficit to 10% of gross domestic product in the next fiscal year, from an expected shortfall of 12% in 2013/14.  A Ministry of Tourism official predicts a 100% price rise for cruise services due to the diesel price hike, raised Friday night from EGP 1.10 to EGP 1.8 per liter. The tourism industry consumes 22% of total diesel output in Egypt, amounting to 12.4m tonnes per year, according to a study by the Federation of Egyptian Industries.

Takeaway:  Higher prices for the wrong reason.

 

Russia Gaming Expansion – Russia’s State Duma passed a new law on Friday, July 4, allowing the establishment of gambling zones in Crimea and Sochi, Russian. Russian legislators inserted a clause into the bill during its second reading that allows for the creation of gambling facilities in Sochi. The bill stipulates gambling venues can only be established in Olympic facilities that were financed by private investors while the bill gives Crimean authorities full jurisdiction over defining the location and boundaries of gambling areas. Russia currently has one gambling zone in operation – on the border between Krasnodar Territory and Rostov region – and three more are being built in Kaliningrad, Altai and Primorsky regions.

Takeaway: Potentially more competition for European gamblers.


Japan Gaming Expansion (Kyoto News) The operator of Universal Studios Japan in Osaka is considering bidding for a license to operate a casino complex in the western Japanese city once gambling regulations are relaxed.  USJ Co., which operates the theme park featuring popular Hollywood movies, is likely to team up with other parties interested in the new business and lead a consortium.  An amusement complex with a casino and a theme park may be placed on an artificial island known as Yumeshima, some 3 kilometers away from USJ, according to a blueprint set by local authorities.

Takeaway: A new and previously unannounced competitor with a strong understanding of local market demographics.

 

Atlantic City's Gaming Promotions (Chicago Daily Herald) Promotions such as free stays and meals aren't translating into the spending boom that Atlantic City needs, 20 months from the five-year deadline that Governor Chris Christie set for a turnaround. Freebies totaled 26% of gross revenue for casino owners last year as compared to other North American gambling operators averaged 6%.

Takeaway: Operators are attempting to "buy" the business but even the high rate of promotions is not sufficient life support for GGR.

 

New Jersey Gaming – New Jersey Senate President Steve Sweeney wants a November 2015 referendum asking New Jersey voters to expand gaming beyond Atlantic City.  Recently, Sen. Paul Sarno introduced a bill to allow a casino at the Meadowlands near New York City with a tax on Meadowlands GGR to support the Casino Reinvestment Development Authority.

Takeaway: Finally some rationality from New Jersey and the realization that the expansion of gaming across the northeast is a permanent headwind to Atlantic City and New Jersey GGR. 

MACRO 

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.


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Nope, We Do Not Think It's Different This Time $VIX $SPY

Takeaway: A glaring US equity sell signal at VIX 10.32.

Editor's note: This is an excerpt from CEO Keith McCullough's morning research. 

 

A glaring US equity sell signal at VIX 10.32. It has never sustainably held below 10. Never. That is a long time.

 

The first SELL signal I issued in SPY since Feb 10, 2014 came on Thursday in conjunction with that front-month vol oversold reading.

 

Nope, We Do Not Think It's Different This Time $VIX $SPY - Chart of the Day


Unstoppable Ballers

This note was originally published at 8am on June 23, 2014 for Hedgeye subscribers.

“Your love makes me strong; your hate makes me unstoppable.”

-Cristiano Ronaldo

 

If you’ve been following Team USA in the World Cup and didn’t know who Ronaldo was, now you know. Ronaldo’s sick pass in the final minute of last night’s USA-Portugal match reminded the ladies who is one of the best looking ballers in the game too!

 

To be fair, while he did get expelled for throwing a chair at his teacher, Ronaldo isn’t exactly a thug. His Mom was a cook and his Dad was a municipal gardener and they named him after Ronald Reagan. In 2009, the young Manchester United star with the flow became the highest paid footballer in the world.

 

Ronaldo plays for Real Madrid now and gets paid in a strengthening currency – British Pounds. After taxes, he makes 21M Pounds/year. That’s earnings, before-inflation-debauchery-accelerating (EBITDA - i.e. the unstoppable and un-legislated worldwide commodity inflation superimposed on poor people by the Fed).

 

Unstoppable Ballers - cristiano ronaldo therichest

 

Back to the Global Macro Grind

 

Unlike the US Federal Reserve, who knows how to trick people who wouldn’t know otherwise into believing that there is no inflation, after he shocks you with dramatic goals like he did yesterday, Ronaldo says “I don’t think about one trick or the other; they just happen.” #talent

 

As the Fed weakens the US Dollar, inflation just happens too:

 

  1. Last week the US Dollar Index was -0.3% to $80.33
  2. The CRB Commodities Index (19 Commodities) was up another +1% week-over-week to +11.8% YTD
  3. CRB Food Index was up another +2.1% on the week to +22.8% YTD

 

Yep, as Hemingway might have said, at first inflation happens slowly – then all at once. Here’s what some of the sub-components of commodity-inflation-expectations did AFTER the Fed cut its growth forecast and eased last week:

 

  1. Silver +6.1% on the week to +7.4% YTD
  2. Sugar +5.0% on the week to +10.0% YTD
  3. Gold +3.2% on the week to +9.2% YTD
  4. Nickel +2.7% on the week to +32.3% YTD
  5. Brent Oil +2.0% on the week to +5.8% YTD

 

True. Brent Oil isn’t really up that much, compared to Nickel. But West Texas Crude is up more than Silver, at +11.5% YTD! And, despite the bearish supply views of Consensus Macro on most things metals, I’m thinking +32.3% is getting someone paid in size being long #InflationAccelerating YTD.

 

But, but, “the Dow is up” … Uh, ok. It’s up a whopping +2.2% YTD.

 

If you want to be a real baller and be long the stuff in the US stock market that’s crushing a low-single digit performance # for the YTD, you need to be long of both inflation and the slow-growth it drives into the consumption core of America:

 

  1. Energy Stocks (XLE) up another +2.6% last week to +14.0% YTD
  2. Slow-growth Utilities (XLU) up another +2.2% last week to +14.5% YTD
  3. REIT stocks (MSCI Index) up another +1.6% last week to +15.8% YTD

 

Exactly. As long as the Fed won’t call the all-time highs in US Rents “inflation”, just buy exposure to the REIT and/or private equity firm that is going to jam his renters with more of it.

 

Other than currencies, commodities, and stock style factors, there are of course other ways to monitor what the real-time market thinks about #InflationAccelerating.

 

Five-year breakevens, for example, were up a full +11bps (basis points) last week to +26bps YTD. You can look at a chart of TIPs (Treasury Inflation Protection, which we continue to be long of on Real-Time Alerts terms too).

 

Or you can look at things like hedge fund net positioning via CFTC (Commodities Futures Trading Commission) net long and short positions:

 

  1. Gold’s net long position popped +15,292 to a net LONG position of +66,572 contracts last week
  2. Oil’s net long position ramped to an all-time high of +478,907 net LONGs (+39,087 net longer on the week)

 

Or you can just call all of this what it is. Because the only thing more dangerous than having the ball on Ronaldo’s foot in the final minutes of a game that is about to go bad is having both Iraq and the Fed come at you on oil inflation, all at once…

 

Our immediate-term Global Macro Risk Ranges are now:

 

UST 10yr Yield 2.47-2.64%

SPX 1926-1968

VIX 10.11-12.98

USD 80.18-80.60

Pound 1.69-1.71

WTI Oil 106.01-107.98

Gold 1285-1325

 

Best of luck out there this week,

KM

 

Keith R. McCullough
Chief Executive Officer

 

Unstoppable Ballers - Chart of the Day


Volatility, U.S. Dollar and Rates

Client Talking Points

VIX

Glaring U.S. equity sell signal at VIX 10.32 (it has never held, sustainably, below 10 – and never is a long time). First SELL signal we issued in SPY since February 10, 2014 came on Thursday in conjunction with that front-month volatility oversold reading.  

USD

At the same time the USD was signaling immediate-term TRADE overbought within its bearish long-term TAIL risk setup on Thursday. Don’t forget that the U.S. unemployment report is a lagging economic indicator – fade it.

UST 10YR

0% follow through for rates today as 10yr yield fails at both our TAIL risk and TREND resistance lines. It would need to close above 2.81% for us to seriously question our U.S. #Q3Slowing Theme (we are hosting our Macro Themes Call for Q3 on Friday at 11:00am EDT).

Asset Allocation

CASH 10% US EQUITIES 8%
INTL EQUITIES 12% COMMODITIES 24%
FIXED INCOME 28% INTL CURRENCIES 18%

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

INDIA: (one of our fav equity markets) is now +24.3% YTD (Indonesia +18.3% YTD), crushing the Dow

@Keith McCullough

QUOTE OF THE DAY

“The best way to predict the future is to create it.”

-Peter Drucker

STAT OF THE DAY

German industrial production fell 1.8% in May from April, the largest drop in two years, weighed down by sharp falls in the construction and manufacturing sectors.


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