This Overlooked Housing Investigation Has Huge Investing Implications

In this excerpt from The Macro Show, Hedgeye Housing analyst Josh Steiner explains the findings of a recent Treasury Department investigation that has significant implications for housing investors.



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CHART OF THE DAY: Can Trump Win?

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Director of Research Daryl Jones. Click here to learn more.


"... Despite the punditry and career politicians missing the rise of Trump, the vast majority of voters are unhappy, so it shouldn’t have been terribly surprising. According to a recent poll from Rasmussen, 70% of likely voters believe the country is on the wrong track and a mere 24% believe the country is going in the right direction. The spread is near the highest level of the last 8 years.


So, despite his flaws, errant tweets, and narcissistic moments, it’s not difficult to see why a candidate that has never held political office is doing so well. The people are frustrated. Very frustrated. But can Trump win?"


CHART OF THE DAY: Can Trump Win?  - 7 29 16 chart of day

Daily Market Data Dump: Friday

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, rates and bond spreads, key currency crosses, and commodities. 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




Daily Market Data Dump: Friday - equity markets 7 29


Daily Market Data Dump: Friday - sector performance 7 29


Daily Market Data Dump: Friday - volume 7 29


Daily Market Data Dump: Friday - rates and spreads 7 29


Daily Market Data Dump: Friday - currencies 7 29


Daily Market Data Dump: Friday - commodities 7 29


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Oil Bulls Are Getting Pummeled as Long-Term Bears Get Paid

Takeaway: Oil bulls are getting pummeled while the long-term bears continue to get paid.

Double #Ouchy here - don’t look now but this morning’s drop towards the $40-handle for WTI puts it down -15% in the last month alone; was it the Dollar? Supply? Demand? A bird or a plane? With Durable Goods and Capex careening to the downside, the bullish narrative on “Global Cyclical Demand has bottomed” is very hard to follow. 


Oil Bulls Are Getting Pummeled as Long-Term Bears Get Paid - Oil cartoon 04.07.2016 


Editor's Note: The snippet above is from a note Hedgeye CEO Keith McCullough wrote for subscribers this morning. Click here to learn more.

[From The Vault] Cartoon of the Day: Fallen...

[From The Vault] Cartoon of the Day: Fallen... - Oil cartoon 12.09.2014


Our inimitable, in-house cartoonist Bob Rich is on a much-deserved summer vacation. While he kicks back and relaxes, we're going into the Hedgeye Vault and highlighting some of his best work. With oil tumbling -25% off the recent high, we bring you another audience favorite

6 Charts: A Closer Look At Wall Street's Nonsense Narratives

Takeaway: Crashing global equity markets continue to trounce long held Old Wall narratives.

6 Charts: A Closer Look At Wall Street's Nonsense Narratives - global bear 12.11.2014 

"Near-term risks to the economic outlook have diminished."

-Federal Reserve, July 27, 2016




Nothing to see here. It's fine. The S&P 500 is hitting all-time highs on no volume, earnings sucks, economic indicators continue to slide and there's this general economic malaise that's caused equity markets to crash globally. Forget all that.


But for posterity's sake consider a few evolving realities (with Old Wall narratives in italics).


Narrative #1: "European equities are really cheap."

1. Italy 


2. Spain 



"Stop talking about global equities we're long commodities..."



3. Commodities



"... But, but oil stocks."

4. OIL



"Come on now, the U.S. consumer is strong."

5. Ford



"Listen, the S&P 500 chart looks great. We broke above the all-time high."

6. no Volume



Stop believing Old Wall Fairy Tales.

Daily Trading Ranges

20 Proprietary Risk Ranges

Daily Trading Ranges is designed to help you understand where you’re buying and selling within the risk range and help you make better sales at the top end of the range and purchases at the low end.