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CHART OF THE DAY: Sector Scorecard | What's Working In 2016

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. 

 

"... If all you do is US Equities, did someone say underweight (short) the Financials vs. Utilities in 2016?

  1. Financials (XLF) hammered on Friday, losing another -5.4% to down -7.3% YTD
  2. Utilities (XLU) did their job for our clients, closing +0.6% on a very red day for Equity Beta at +16.9% YTD"

 

CHART OF THE DAY: Sector Scorecard | What's Working In 2016 - 06.27.16 chart


REPLAY! This Week On HedgeyeTV

Our deep bench of analysts take to HedgeyeTV every weekday to update subscribers on Hedgeye's high conviction stock ideas and evolving macro trends. Whether it's on The Macro ShowReal-Time Alerts Live or other exclusive live events, HedgeyeTV is always chock full of insight.

 

Below is a taste of the most recent week in HedgeyeTV. (Like what you see? Click here to subscribe for free to our YouTube channel.)

 

Enjoy!   

 

1. REPLAY | The Aftermath: Post-Brexit Market Analysis with Keith McCullough & Daniel Lacalle (6/24/2016)

 

***In light of momentous, market-moving events surrounding Britain's decison to LEAVE the EU ... we opened up the The Macro Show for free this morning. Renowned European economist and market strategist Daniel Lacalle joined Hedgeye CEO Keith McCullough one-on-one to discuss the implications.

 

 

BRIEF BIO ON DANIEL LACALLE

Lacalle is a European economist, who previously worked at PIMCO and was a PM at Ecofin Global Oil & Gas Fund and Citadel.  He is the author of Life In The Financial Markets and The Energy World Is Flat and a lecturer for the IE Business School and Master MEMFI at UNED University. He is currently CIO of Madrid-based Tressis Gestion.

 

2. The Irony Behind The Fed’s Inflation Target (6/23/2016)

 

 

In this excerpt from The Macro Show earlier today, Hedgeye U.S. Macro analyst Christian Drake explains why hitting the Fed’s 2% inflation target would be a “tax on consumers” given the rising, inflationary pressures associated with rent inflation.

 

3. Did You Catch Janet Yellen’s ‘Crazy’ Response on Zero Rates? (6/22/2016)

 

 

In this brief except from The Macro Show this morning, Hedgeye CEO Keith McCullough weighs in on a head-scratching moment between Fed chair Janet Yellen and Sen. Pat Toomey (R-PA) during her testimony before the Senate Banking Committee.

 

4. McCullough: The Most Consensus Macro Position Right Now May Surprise You (6/21/2016)

 

 

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.

 

5. Does Trump Lack The Cash (And Campaign Organization) To Beat Clinton? (6/20/2016)

 

 

Hedgeye Potomac Chief Political Strategist JT Taylor takes a looks at cash concerns inside the Trump campaign, and what the firing of controversial campaign manager Corey Lewandowski means going forward.

 

6. Casteleyn: Why WisdomTree Still Has 50% Downside | $WETF (6/20/2016)

 

 

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


This Week In Hedgeye Cartoons

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.)

 

Enjoy!

 

1. Shot In The FTSE (6/24/2016)

This Week In Hedgeye Cartoons - Brexit Footsie cartoon 06.24.2016

 

The Brexit vote has set off a massive wave of selling in global equities.   

  

2. Yellen's Flock (6/23/2016)

This Week In Hedgeye Cartoons - Yellen cartoon 06.23.2016

 

"In what seemed like an exasperating moment for the Fed Chair yesterday, when Senator Pat Toomey (PA) asked Janet Yellen if she’d yet considered that 0% rates might be a bad thing in the years 2017 and beyond… she answered 'No.' Wow," Hedgeye CEO Keith McCullough wrote in a recent Early Look.

 

3. Enough Already! (6/22/2016)

This Week In Hedgeye Cartoons - Brexit cartoon 06.23.2016

 

It's nauseating how much the mainstream media talks about Thursday's U.K. referendum.

 

4. Chum (6/21/2016)

This Week In Hedgeye Cartoons - consensus cartoon 06.21.2016

 

The most consensus macro position right now is long the S&P 500.

 

5. Short-Sighted (6/20/2016)

This Week In Hedgeye Cartoons - 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."


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The Week Ahead

The Economic Data calendar for the week of the 27th of June through the 1st of July is full of critical releases and events. Here is a snapshot of some of the headline numbers that we will be focused on.

 

CLICK IMAGE TO ENLARGE.

The Week Ahead - 06.24.16 Week Ahead


Cartoon of the Day: Shot In The FTSE

Cartoon of the Day: Shot In The FTSE - Brexit Footsie cartoon 06.24.2016

 

The Brexit vote has set off a massive wave of selling in global equities. 


McCullough: "Risk Happens Slowly, Then All At Once"

Editor's Note: Below are Hedgeye CEO Keith McCullough's top three bullets from his Macro notebook in a note sent to subscribers earlier this morning.

 

 

1. POUND – not since Black Wednesday (1992) has the UK seen a FX move like this – down -7% vs. USD and one of our favorite ways to be positioned for what the central planners have to try next (devalue more?) remains long Gold +4.5% on the session to $1310 =+24% YTD

 

McCullough: "Risk Happens Slowly, Then All At Once" - gbp usd 

 

2. STOCKS – since the crash in European stocks was already in motion, this is really just an extension of what risk managers should have been proactively preparing for – reiterating the 0% asset allocation to Japanese, European, and Emerging market Equities with stock markets like Spain and Italy down 11%, on the day

 

Here's the FTSE:

 

 

... And the DAX:

 

 

3. BONDS – reiterating our all-time lows in the UST 10yr Yield call as the causal factor behind most of this is #GrowthSlowing – not new because The People rose up against the Establishment and/or being centrally planned by Eurocrats; 1.52% on the 10yr now with an immediate-term risk range of 1.49-1.72%

 

 

(Click here to watch our post-Brexit analysis from renowned European economist and market strategist Daniel Lacalle and Hedgeye CEO Keith McCullough in this morning's The Macro Show.)


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