McCullough on NYSE Halt: Why I Hope They're Lying


On today's edition of The Macro Show, Hedgeye CEO Keith McCullough offers an uncensored take on this week's NYSE halt and how the #OldWall brass chooses to handle such mishaps.


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GLD: Removing Gold from Investing Ideas

Takeaway: We are removing Gold (GLD) from Investing Ideas today.

Please note we are removing Gold (GLD) from Investing Ideas today. According to Hedgeye CEO Keith McCullough:


Gold is tougher to be long with a #StrongDollar back on the table. Down Rates helps it not look as frightful as Oil just did. But I'm a seller of reflation on this bounce.


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Today, DFRG announced the resignation of Jeff Carcara, Chief Operating Officer, effective immediately. According to the press release Mr. Carcara chose to leave the Company to pursue an executive leadership opportunity at a private restaurant company.


We view this change in the management team as good news for DFRG.  The change in senior management team clears the path for the company to close underperforming Del Frisco Grille stores and halt new unit expansion plans too.  For the better part of two years, the construction of new Del Frisco Grille stores has been destroying shareholder value of DFRG. 


In addition, our sum of the parts valuation suggests only 10% downside from these levels.




Depending on how the stock behaves with the current news flow and what the future plans look like we are going to add it to the Hedgeye Restaurants LONG bench.




More to come when we get more details on what the future looks like for DFRG.



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Keith's Daily Trading Ranges [Unlocked]

This is a complimentary look at today's Daily Trading Ranges - our proprietary buy and sell levels on major markets, commodities and currencies sent to subscribers weekday mornings by CEO Keith McCullough. Click here to subscribe.

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KEITH'S CHART OF THE DAY: So What Am I Going to Do From Here? (Asset Allocation)

Editor's Note: This is a special excerpt from Hedgeye CEO Keith McCullough's morning strategy note to customers this morning. If you'd like to leave the "excerpt scraps" behind, upgrade your market game, and become a full-fledged subscriber click here.


KEITH'S CHART OF THE DAY: So What Am I Going to Do From Here? (Asset Allocation) - z chart DAY


So what am I going to do from here? Here are my thoughts, from an asset allocation perspective:

  1. CASH – I am going to raise cash to 52% (love selling on green, buying/covering on red)
  2. US EQUITIES – keeping my net position (+4%) low, and my Style Factor setups the same – long LOW BETA; Short HIGH BETA; LONG Healthcare, REITS, Consumer Staples; SHORT Cyclicals and Reflation sectors
  3. INT’L EQUITIES – we’ve been out of European Equities since April so nothing do to there (not buying them) as #EuropeSlowing remains the tail wagging the dog; still like Japanese Stocks, but only on oversold days
  4. COMMODITIES – after being net LONG them for part (not all – didn’t nail that) of the reflation trade in Q2, all we’ve signaled is sell those in Q3, and we’ll keep doing so as #StrongDollar’s long-term bullish TAIL continues to wag that #Deflation dog
  5. FIXED INCOME – still The Treasuries Bull, and won’t apologize for that (was The Bear in 2013 and have been bullish since early 2014 – like any long-term investor, I’m staying with slower-for-longer); Short Junk + Credit Risk; Long Liquidity
  6. FX – probably the best place to be incrementally allocating right now – buying US Dollars on all pullbacks (selling commodities and commodity linked stocks/bonds/countries, on centrally-planned ramps, bounces, etc.)


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