[UNLOCKED] Keith's Daily Trading Ranges

We've made some new enhancements to 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 view a brief video of McCullough explaining how to use it most effectively.


Subscribers now receive risk ranges for 20 tickers each day -  the last five of which are determined by what's flashing on Keith's screen and by what names subscribers are asking about. Click here to subscribe.


  • Bullish Trend
  • Bearish Trend
  • Neutral

10-Year U.S. Treasury Yield
1.90 1.70 1.84
S&P 500
2,060 2,093 2,076
Russell 2000
1,115 1,155 1,140
NASDAQ Composite
4,781 4,869 4,805
Nikkei 225 Index
16,101 17,602 16,666
German DAX Composite
9,971 10,408 10,321
Volatility Index
13.69 17.94 15.22
U.S. Dollar Index
93.43 95.11 93.73
1.12 1.14 1.13
Japanese Yen
107.01 110.59 108.11
Light Crude Oil Spot Price
41.24 46.60 45.88
Natural Gas Spot Price
1.88 2.30 2.06
Gold Spot Price
1,230 1,277 1,268
Copper Spot Price
2.13 2.31 2.23
Apple Inc.
93 103 95
590 680 602
McDonald's Inc.
125 130 128
Utilities Select Sector SPDR
46.43 49.90 48.13
Alphabet Inc.
692 740 705
Facebook Inc.
111 120 117


Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more. 


"... Why does the Fed have to keep making up new policies? That’s simple. It’s because they keep getting their growth and inflation forecasts wrong. Since the Fed is un-elected and un-accountable, they tend to corroborate a view from the highest office in the land, where Obama was allowed to call people like me “peddlers of economic fiction” in his State of The Union Address."


CHART OF THE DAY: Fed Forecast = WRONG - 4 29 cod

My Thoughts On This Lousy GDP Report

Takeaway: We're the only firm to have called the slow-down from its 2015 cycle peak.

This morning's bad 0.5% US GDP report didn't surprise us. It didn't surprise the Long End of The Curve (Long Bond) either. We're the only firm to have called the slow-down from its 2015 cycle peak.

My Thoughts On This Lousy GDP Report  - GDP cartoon 10.29.2015


Macro markets have been discounting GDP #GrowthSlowing for months now. That's why the Fed has pivoted back to dovish, devaluing the Dollar, in a last gasp hope to "reflate" asset prices. 


In the next 3 months, we think the probability is at its highest point that US GDP goes negative sequentially (Hedgeye Predictive Tracking Algo is currently forecasting +0.3% QoQ SAAR for Q2). While many are trying to make the argument (Bloomberg, CNBC, etc.) that GDP "doesn't matter" like it used to ... we've never traveled with that conflict of interest crowd, and we won't this time either. (See Shame On You Mark Zandi for more on this).


Instead, we'll remind you that there is an epic amount of credit cycle risk associated with the profit cycle going to negative on a year-over-year basis. And tell you to short both Junk and High Yield (again).


As my colleague Darius Dale wrote in a note to institutional subscribers today,


Assuming Q1 isn’t revised in any material way, our forecast for 1H16E represents the slowest pace of domestic economic growth on a multi-quarter basis since 2H12. Any downside surprises from there will surely translate to renewed recession fears.


Stay long The Long Bond, Utilities, Gold, MCD, etc.

Daily Trading Ranges

20 Proprietary Risk Ranges

Daily Trading Ranges is designed to help you understand where you’re buying and selling within the risk range and help you make better sales at the top end of the range and purchases at the low end.

Cartoon of the Day: High Finance

Cartoon of the Day: High Finance - Easy money cartoon 04.28.2016


This one speaks for itself.

REPLAY: Healthcare Earnings Takeaways | $ATHN $HOLX $MD $ZBH

WAtch the replay below. click here to access the associated slides.



After a busy week of earnings, our Healthcare analysts Tom Tobin and Andrew Freedman provided a recap and takeaways of our top ideas athenahealth (ATHN), MEDNAX (MD), Hologic (HOLX) and Zimmer-Biomet (ZBH).



A Look At Wall Street's Ex-Energy Earnings Fallacy

Takeaway: Well into earnings season, six of ten S&P 500 sectors have negative earnings growth.

A Look At Wall Street's Ex-Energy Earnings Fallacy - earnings cartoon 04.12.2016


It's earnings season.


Permabulls on Wall Street are terribly fond of the narrative that "Ex-Energy" earnings look great! We understand this proclivity, Energy earnings are terrible (down -132% so far). Just look at the chart below.


Click to enlarge

A Look At Wall Street's Ex-Energy Earnings Fallacy - earnings q1


But what this narrative lacks is cohesiveness. In fact, six of ten S&P 500 sectors have negative earnings growth so far, with Financials (-14.1%) and Materials (-14.8%) companies putting up double-digit earnings losses.


In other words, Energy has company.


Here's a thought... Since permabulls are more than happy to strip battered sectors out of earnings, why not (for the sake of consistency) just go ahead and strip out the performance of Energy, Financials and Materials companies from the recent market rally as well? Oh yea, because those sectors have led the pack. 


Bottom Line: Stripping out sectors of the S&P 500 to fit some permabull narrative is as nonsensical, as it is wrong. 

the macro show

what smart investors watch to win

Hosted by Hedgeye CEO Keith McCullough at 9:00am ET, this special online broadcast offers smart investors and traders of all stripes the sharpest insights and clearest market analysis available on Wall Street.