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Below is a brief excerpt from our Potomac Research Group colleague and Chief Political Strategist JT Taylor's Morning Bullets sent to institutional clients each morning. For more information on how you can access our institutional research please email sales@hedgeye.com.

CLINTON'S COVER:

Hillary Clinton Presidency = Obama 3rd Term ... & Trump's Ground Game - obama

President Obama has been working full time to use executive powers to cement his legacy on many fronts, and now his latest gambit is to protect Hillary Clinton's flank. Within a week, the president has defended Clinton's qualifications for the presidency and has shown support for the Democratic frontrunner through her FBI investigations. Normally, a sitting president would not get involved in the primary, but Obama can't afford to let an opportunity like this pass. For the most part, a Clinton presidency will be  closer to an Obama a "third" term, while a Sanders presidency has the potential to be problematic for the Democratic party.

GROUND GAME CHANGE:

Hillary Clinton Presidency = Obama 3rd Term ... & Trump's Ground Game - trump forward

After narrowly losing the Iowa caucuses in early February to Ted Cruz, Trump vowed to get his ground game in order - and we're still waiting for that to happen. At the CO Republican convention, Trump's hastily assembled team unintentionally instructed Trump supporters to vote for Cruz delegates helping him sweep the state. States where Trump lost delegate ground to Cruz include IN, GA, LA, ND, SD and TN, and the election of anti-Trump delegates in these places mean that Trump is all but certain to lose support if there is a second ballot in Cleveland.

These mistakes may seem trivial, but they are adding up, and this disorganization could cost Trump a delegate majority heading into Cleveland. The road ahead hardly looks brighter - Trump's campaign emailed WA supporters to encourage them to register as delegates two days after the deadline. We think the arrival of his new top strategist and Washington political veteran, Paul Manafort, will help recalibrate the campaign - Trump has been mostly quiet for the last few days, and avoided all Sunday show appearances for the first time in five months. Good first step...

UNBOUND AND UNPREDICTABLE:

While Donald Trump maneuvers to amass enough pledged delegates to secure a majority, many pundits are resigned to predicting an open convention. The delegate math supports their predictions, however, those same pundits often ignore a major factor - that at least some of the unbound delegates will also vote for Trump on the first ballot. Many of the people running to be one of the 54 unbound PA delegates have pledged to vote according to the results of their district, while other delegates could easily be swayed to back Trump if he goes to Cleveland just shy of 1,237.  Let's not forget that this is the man that wrote The Art of The Deal.