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The Macro Show Replay | November 19, 2015

 


November 19, 2015

 

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INDEX BUY TRADE SELL TRADE PREV. CLOSE
UST10Y
10-Year U.S. Treasury Yield
2.30 2.18 2.27
SPX
S&P 500
2,020 2,110 2,083
RUT
Russell 2000
1,135 1,190 1,171
COMPQ
NASDAQ Composite
4,917 5,151 5,075
NIKK
Nikkei 225 Index
19,015 19,964 19,649
DAX
German DAX Composite
10,668 11,165 10,959
VIX
Volatility Index
14.11 20.83 16.85
DXY
U.S. Dollar Index
98.47 100.08 99.75
EURUSD
Euro
1.05 1.07 1.06
USDJPY
Japanese Yen
121.82 123.90 123.58
WTIC
Light Crude Oil Spot Price
39.71 44.23 41.98
NATGAS
Natural Gas Spot Price
2.23 2.40 2.33
GOLD
Gold Spot Price
1,066 1,098 1,069
COPPER
Copper Spot Price
2.05 2.17 2.07
AAPL
Apple Inc.
110 119 117
PCLN
Priceline.com Inc.
1,205 1,333 1,278
VRX
Valeant Pharmaceuticals International, Inc.
67.111 78.73 72.60
FB
Facebook, Inc.
103 110 107
TGT
Target Corp.
68.99 72.76 69.78
JPM
J.P. Morgan Chase & Co.
65.20 68.63 67.45

 

 


Cartoon of the Day: A Key Question For Janet Yellen

Cartoon of the Day: A Key Question For Janet Yellen - Yellen data dependent cartoon 11.18.2015

 

Buried in the Fed minutes today was yet more indecisiveness about the likelihood of December rate hike. Among the "appreciable downside risks" cited by the Fed was below target inflation. In today's Early Look, Hedgeye CEO Keith McCullough wrote: 

 

"Have you been of the view that the money that was printed was going to create a “velocity” of money or behavioral distrust? If the short-term policy was to create the illusion of growth (inflation expectations), isn’t the long-term risk a #Deflation of those expectations?"


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Rubio Versus The Fed

 

 

In this excerpt from The Macro Show this morning, Hedgeye CEO Keith McCullough talks about Presidential hopeful Marco Rubio’s recent comment that the Fed’s policies often “dramatically alter the economy in very negative ways.”

 

Subscribe to The Macro Show today for access to this and all other episodes. 

 

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McCullough: Fed Needs An Economic Reality Check

 

In this excerpt from The Macro Show this morning, Hedgeye CEO Keith McCullough responds to a subscriber’s question about the likelihood of the Fed raising rates in December. 

 

 

Subscribe to The Macro Show today for access to this and all other episodes. 

 

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Stop the Presses! Did Beijing's Grand Poobah Just Tell the Truth on China Slowdown?

Chinese President Xi Jinping had some rather interesting things to say about his nation's economy earlier today.

 

Stop the Presses! Did Beijing's Grand Poobah Just Tell the Truth on China Slowdown? - xi

 

Here's an excerpt from a note sent to subscribers by Hedgeye CEO Keith McCullough in response:

 

"Our man Xi was being way too honest overnight admitting the Chinese economy faces “considerable downward pressure” right now. They didn’t like that in Shanghai, closing the index down -1% as EM Asia continues to trade terribly (Thailand -1.1%)."

 

As you can see there was "considerable pressure" on Shanghai Composite shares. 

 

Stop the Presses! Did Beijing's Grand Poobah Just Tell the Truth on China Slowdown? - shanghai

 

Here's the full quote from President Xi who was speaking at the annual Asia-Pacific Economic Cooperation meeting: 

 

“The Chinese economy is still coping with a complicated internal and external environment, considerable downward pressure and the temporary pains of deep reforms,” Mr. Xi said. “The opportunities are unprecedented and the challenges are unprecedented.”

 

Investors are "coping" with their own "unprecedented challenges" as well. That of course is interpreting China's inherently suspect economic data. That's why Xi's candor here was so telling. 

 

Stop the Presses! Did Beijing's Grand Poobah Just Tell the Truth on China Slowdown? - China cartoon 10.19.2015


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