Dr. Copper's Diagnosis? Global #GrowthSlowing

Takeaway: Copper #Deflation resumes with a -1% decline back to $2.07/lb this morning.

Dr. Copper's Diagnosis? Global #GrowthSlowing - global growth.sick bull cartoon 08.24.2015 large


Here's analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers earlier this morning: 


"At $1.47 GBP/USD, from an FX market @Hedgeye immediate-term TRADE signal perspective, a Remain vote is priced in. Copper – the Doctor appears to be heading for the exits ahead of the crowd on that; Copper #Deflation resumes with a -1% decline back to $2.07/lb this morning; WTI down -0.9% as Oil Volatility remains around 40."


CHART OF THE DAY: Sell On The News Anyone?

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.


"... As the vote to Remain ramped, so have these bets. Going back to the week prior, the net SHORT position in GBP/USD hit its YTD high at -2.39x on a 1-year z-score.


And now, my immediate-term risk range process is implying that the asymmetry (in Pound terms) is to the downside with an immediate-term GBP/USD risk management range of $1.40-1.47.


Sell on the news anyone?"


CHART OF THE DAY: Sell On The News Anyone? - 06.21.16 Chart

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Cartoon of the Day: Short-Sighted

Cartoon of the Day: Short-Sighted - Brexit cartoon 06.20.2016


Investors caught up in Brexit risk can't see the forest for the trees.


"Our long-cycle call for #GrowthSlowing won’t die this morning either," Hedgeye CEO Keith McCullough wrote in this morning's Early Look. “No Brexit” or not, it’s booked until at least Q3/Q4 when macro markets have fully priced it in."

Why WisdomTree Still Has 50% Downside | $WETF

Takeaway: Dark skies for WisdomTree don't appear to be abating anytime soon.

Shares of WisdomTree (WETF) are down over 35% since Hedgeye Financials analyst Jonathan Casteleyn issued his short call earlier this year. In the excerpt below from The Macro Show this morning, he explains why WisdomTree funds are hemorrhaging money and are overly dependent on easy money.

Buying European Banks? Good Luck With That

Editor's Note: Hedgeye Financials analyst Jonathan Casteleyn was on The Macro Show this morning discussing Brexit, European equities and a number of his high-conviction long and short calls. Below is an abridged transcript from today's episode in which Casteleyn explains why investors in European equities should "avoid the whole region."


Buying European Banks? Good Luck With That - europe geography


“This is what I think we should be talking about in Europe. The region is actually really unappealing as you can see in this time series of European bank stocks [see below].


Out of the 2008-2009 Financial Crisis, you saw a slight rebound in the banking sector but there’s been no recovery. Rates are down, growth is down, deflation is moving into the economy and there’s been no rebound in financial company profits. Essentially, the banks are dis-incentivized to make loans because they can’t do it profitably.


Buying European Banks? Good Luck With That - european stocks 6 20


Remember, this chart has nothing to do with Brexit and is proof that the financial sector is not a place to invest. Since credit is the lifeblood of the economy, the pull forward of consumption, Europe is in massive distress.


We just want to avoid the whole region.”


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