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This Chart Flies In The Face Of Yellen's Fed Testimony

During testimony before Congress today, Fed head Janet Yellen said she saw a "loss of momentum, not a deterioration" in the jobs market. That's funny because the Fed chair's favorite economic indicator (the "Change in Labor Market Conditions Index") registered its lowest readings since June 2009 and has deteriorated now for the past five months.  

 

This Chart Flies In The Face Of Yellen's Fed Testimony - 06.10.16 EL

 

We've written before that employment growth is past peak and slowing. Nothing Janet Yellen said changes that today.

 

For additional analysis, watch Hedgeye U.S. macro analyst Christian Drake in the video below:

 


McCullough: The Most Consensus Macro Position Right Now May Surprise You

In this brief excerpt from The Macro Show earlier today, Hedgeye CEO Keith McCullough discusses consensus positioning and explains why the S&P 500 is now the most overbought position in all of macro.


Daily Market Data Dump: Tuesday

Takeaway: A closer look at global macro market developments.

Editor's Note: Below are complimentary charts highlighting global equity market developments, S&P 500 sector performance, volume on U.S. stock exchanges, and rates and bond spreads. It's on the house. For more information on how Hedgeye can help you better understand the markets and economy (and stay ahead of consensus) check out our array of investing products

 

CLICK TO ENLARGE

 

Daily Market Data Dump: Tuesday - equity markets 6 21

 

Daily Market Data Dump: Tuesday - sector performance 6 21

 

Daily Market Data Dump: Tuesday - volume 6 21

 

Daily Market Data Dump: Tuesday - rates and spreads 6 21

 

Daily Market Data Dump: Tuesday - currencies 6 21


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CRASHING: (S)pain Trade

Takeaway: European growth is still slowing. The Spanish IBEX is down -27% from its cycle high of 2015.

CRASHING: (S)pain Trade - Spain pain 

While not as sexy as a Brexit headline, the Spanish election is heating up (voting begins on June 26th). Investors should be weary. Polls show that left-wing parties could come close to a parliamentary majority.

 

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

 

"SPAIN – Brexit is newsier, but this Spanish Election (June 26) still matters – as does European #GrowthSlowing; Spain’s IBEX -0.15% after the 1-day bear market bounce remains in crash mode -27% from #TheCycle highs of 2015."

 


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

 

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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