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. Sputtering (6/3/2016)
Today we learned that the U.S. economy added a paltry 38,000 jobs in the month prior. Our Macro team nailed it.
2. Today's OPEC Meeting (6/2/2016)
Nothing like $50 oil to create a positive atmosphere at the OPEC meeting in Vienna.
Our Senior Energy Analyst Joe McMonigle, who attended the meeting, has said for months not to expect any big action at the June meeting. But Joe said he was looking for signs of potential action at the next OPEC meeting in December after continued reductions in non-OPEC production.
Joe believes the Saudis offered up such a sign on Wednesday when a "senior gulf official" said the Kingdom was "open" to some action to stabilize prices. As a result, for the first time in two years, we think a policy change could be under consideration at the end of the year.
3. BLIND FAITH (6/1/2016)
The Yellen Fed seems oblivious to the idea that they are considering hiking rates into an economic slowdown.
4. Janet's Mess (5/31/2016)
"On Friday at Harvard, Janet Yellen said that, based on her estimate of where the US economy is at, the Federal Reserve will “probably” raise rates in June or July," Hedgeye CEO Keith McCullough wrote in today's Early Look. "Ok. What if she raises and her estimates are wrong (again)?"