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5 Not So Insignificant Markets In Full-Blown Crash Mode

5 Not So Insignificant Markets In Full-Blown Crash Mode - Stocks crash test dummies cartoon 02.18.2016 

 

Around the world, equity markets are teaching investors some subtle risk management lessons. Namely, blindly buying cheap stocks is not always a recipe for success. When economic fundamentals deteriorate, cheap stocks get cheaper.

 

Case in point, this morning, the European Commission warned of slower Euro-zone growth, while inflation will remain subdued. That put a healthy handicap on European equity markets, many of which remain in crash mode.

 

Like Spain:

 

 

Germany...

 

 

... And Italy:

 

 

Meanwhile, over in Asia...

 

While you were sleeping, the often overlooked reality playing out in Chinese equities just got worse.

 

 

By the way...

 

 

The Nikkei is still in crash mode.

 

5 Not So Insignificant Markets In Full-Blown Crash Mode - japan down


Leading Healthcare Policy Authority Emily Evans Joins Hedgeye

FOR IMMEDIATE RELEASE

 

STAMFORD, Conn., May 3, 2016 -- Hedgeye Risk Management, a leading independent provider of investment research and online financial media firm, announced today that healthcare policy authority Emily Evans has joined Hedgeye Potomac Research as a Managing Director to lead its Health Policy sector. Evans has over three decades of professional experience working both in and around government and is regarded as a leading authority in the area.

 

“We’re very excited to welcome Emily to our growing Washington policy team following our acquisition of Potomac in January,” said Hedgeye CEO Keith McCullough. “She brings an impressive foundation of knowledge and real-world public policy experience. Her insight will augment our existing fundamental Healthcare research led by Tom Tobin. The big winner here is our clients who gain greater visibility into investing developments and implications in one of the most significant U.S. sectors.”

 

Prior to joining Hedgeye, Evans was a partner at Obsidian Research, a healthcare research boutique that she founded.

 

Throughout most of her career, she worked in public finance at J.C. Bradford & Co. until its sale to UBS/PaineWebber in 2000. As the Investment Limited Partner in charge of municipal bond underwriting, Evans helped to bring over $10 billion in securities to market – including hundreds of healthcare-related projects such as skilled nursing facilities, continuing care retirement communities and acute care hospitals.

 

Leading Healthcare Policy Authority Emily Evans Joins Hedgeye - z emily evans   pr picture

 

“Emily brings deep healthcare policy, regulatory and legislative acumen to the table,” said J.T. Taylor, Managing Director at Hedgeye Potomac Research. “Her addition rounds out our robust Washington to Wall Street research.”

 

In recent years, Evans has also provided consulting services to the government and finance communities. She served for nine years on the Nashville City Council and is a graduate of Mount Holyoke College.

 

“I am thrilled to be adding deep healthcare policy, regulatory and legislative research to the robust Hedgeye platform,” said Evans. “This firm is uniquely positioned to deliver high-quality, actionable research to investors interested in that 17 percent of the U.S. economy dedicated to the delivery of healthcare services.”

 

ABOUT HEDGEYE RISK MANAGEMENT

 

Hedgeye Risk Management is an independent investment research and online financial media firm. Focused exclusively on generating and delivering investment ideas in a proven buy-side process, the firm combines quantitative, bottom-up and macro analysis with an emphasis on timing. The Hedgeye team features some of the world's most regarded research analysts, all with buy-side experience, covering Macro, Financials, Energy, Healthcare, Retail, Gaming, Lodging & Leisure (GLL), Restaurants, Industrials, Consumer Staples, Internet & Media, Housing, and Materials.

 

CONTACT

Dan Holland

dholland@hedgeye.com

203.562.6500


CHART OF THE DAY: The Latest Of #LateCycle Economic Indicators

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.

 

"... The latest of #LateCycle economic indicators is obviously employment. That component of the USA’s ISM report remained < 50 (at 49.2) for the 5th consecutive month. Not ironically, NFP (non-farm payrolls) peak, on average, 4-6 months AFTER #TheCycle (GDP) does."

 

CHART OF THE DAY: The Latest Of #LateCycle Economic Indicators - 05.03.16 Chart


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McCullough: The Most Important Point I’ll Make Today

 

In this brief excerpt from The Macro Show this morning, Hedgeye CEO Keith McCullough explains why “S&P 500 positioning is at its most bullish point of 2016.”


Cartoon of the Day: Tough Times In Tokyo

Cartoon of the Day: Tough Times In Tokyo  - Japan cartoon 05.02.2016

 

Japan's Nikkei is down -23% from its high in July 2015.


What About ISM Manufacturing? Still Falling

Takeaway: In case you missed it, today's ISM Manufacturing index fell yet again both from its cycle peak and month-over-month.

Here's an abridged transcript and chart on the ISM data from this morning's Real-Time Alerts Live via Hedgeye CEO Keith McCullough: 

 

"That damn data just won’t go up. The ISM data came in at 50.8. That's down versus 51.8 last month. So, to be clear, global growth and industrial growth has not bottomed. All the bottom calling was just a story.

 

A lot of people hoped that these ISM numbers were better, inasmuch as they hoped for better numbers out of Friday’s Consumer Confidence number and Chicago PMI. These indices are not just missing they’re hitting new lows."

 

Click the image below to enlarge

What About ISM Manufacturing? Still Falling - update on ISM manufacturing


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