CHART OF THE DAY: A (Not So) Merry Christmas In Russia

CHART OF THE DAY: A (Not So) Merry Christmas In Russia - EL 12.26.14

Editor's note: Below is a brief excerpt from today's Morning Newsletter by Hedgeye CEO Keith McCullough. For more information on how you can get a couple steps ahead of consensus every morning click here.

In other Global Macro news, other than getting to play Denmark in the 1st round of the 2015 IIHF World Junior Hockey Championship today, things for Russia still suck.

 

Despite “bouncing” off its lows, the Russian Trading System Index is:

 

1. Down -38.4% for 2014 YTD

2. And would only have to be +63% (from here) to get whoever “allocated assets” to it a year ago back to breakeven

3. With an immediate-term risk range of 642-875

 

In other words, with the RTSI (Russian Stock Market) currently trading at 847:

 

1. It has immediate-term upside of +3%

2. And immediate-term downside of -24%

 

#sweet