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Editor's Note: Below is an excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. If you're interested in getting a step ahead of consensus each morning click here to learn more. 

CHART OF THE DAY: The Risk Of Raising Rates Right Now - z chart of day 07.17.15 chart

...Not only are whoever these “economists” are now completely ignoring Mr. Macro Market’s opinion (Fed Fund Futures imply less than a 15% chance of a SEP hike), but they are at complete odds with me on the risk of raising rates into a slowdown.

 

At least since the last two Wall Street tops (2000 and 2007), the Fed has only eased during slowdowns. Remember the man before Draghi at the ECB helm, Jean-Claude Trichet? He raised rates in 2011 and pretty near blew up the capital market world.

 

Ah, what do I know about buying cyclicals and/or tightening at the end of a cycle? It’s probably different this time. Post a 6yr equity ramp shouldn’t you pay 351x earnings for Netflix or chase QQQs?

 

I’m hearing the charts “look good.” They did in 2000 and 2007 too.