Our cartoonist Bob Rich captures the tenor on Wall Street every weekday in Hedgeye's widely-acclaimed Cartoon of the Day. Below are his five latest cartoons. We hope you enjoy his humor and wit as filtered through Hedgeye's market insights. (Click here to receive our daily cartoon for free.)
1. Liftoff! (5/20/2016)
After Quantitative Easing and NIRP (negative interest-rate policy) have failed to deliver economic growth, central planners are now talking about helicopter money. Delusional? Yes.
2. Whole Lotta Bull (5/19/2016)
The S&P 500 is flat year-to-date. That explains a lot. "There's so much whining out there... Stop it. And start winning," Hedgeye CEO Keith McCullough wrote today. In other words, get long our favorite Macro Ideas... Long Bonds (TLT), Utilities (XLU), and Gold (GLD).
3. Crash Tech Dummies? (5/18/2016)
"The Nasdaq moved back into full-blown correction mode yesterday (-10% from its all-time bubble high in 2015)," Hedgeye CEO Keith McCullough wrote earlier this morning. It's now down -9.5% from that high today.
"Inclusive of the Buffett-bounce in AAPL," McCullough continues, "the Nasdaq is down -4.8% in the last month alone. Lots of chart chasers are not liking their Tech charts anymore (reminder: at #TheCycle peaks of 2000 and 2008 the Nasdaq put in its YTD highs in MAR-MAY too)."
4. Oh Fudge (5/17/2016)
The biggest risk in macro? Believing the Fed's serially overoptimistic forecast.
5. Cheap, Cheap, Cheap... (5/16/2016)
"I still say short what appears to be “cheap” and keep buying what continues to get more expensive," Hedgeye CEO Keith McCullough wrote in this morning's Early Look.