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deflation

The US Dollar Index continues to go parabolic… making another fresh new high at $98.40. That puts it up over +9.0% YTD versus Euros and Yens (which remain flaming balls for devaluation.)

Current Global Macro Market Risk Summed Up In One Word - Dollar cartoon 03.09.2015

It’s an ugly morning for everything commodities, including Russian stocks which failed @Hedgeye TREND resistance and are down -3% today

As far as #Deflation is concerned, it’s mathematically impossible for the Europeans, Japanese, and Chinese to create reported inflation well into the summer time. Including the commodities bounce to lower-highs in February, Chinese producer prices dropped -4.8% y/y (Norwegian PPI -9.9% y/y).

Current Global Macro Market Risk Summed Up In One Word - Deflation cartoon 01.21.2015

Newsflash: many producers report lower revenues and earnings during #deflation.

***This is a distillation of some of Hedgeye CEO Keith McCullough's notes earlier this morning. For a deeper dive into our thinking on deflation and the market opportunities and economic implications, subscribe to our Morning Newsletter.