In the charts below, Hedgeye CEO Keith McCullough analyzes the important happenings in macro markets this morning.
Takeaway: So far in 2Q16, 367 of 500 S&P 500 companies have reported an aggregate y/y non-GAAP EPS decline of -4.0%.
Bottom Line: The whole "ex-Energy earnings are great" narrative is as illusory as it is dishonest.
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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.
Takeaway: Oil & Energy assets are a big part of the asset inflation the Fed needed off the lows. My risk ranges signal lower-highs and lower-lows.
Every time I refresh my immediate-term risk range model (price/volume/volatility) I get a lower-high and a lower-low; currently that risk range for WTI = $38.71-42.24 with bearish TREND overhead at $47.55; how does this problem go away?
Editor's Note: The snippet above is from a note Hedgeye CEO Keith McCullough wrote for subscribers this morning. Click here to learn more.
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 you can see in today’s Chart of The Day (slide 13 in our current Q3 Macro Themes deck), US domestic corporate profits (and margins) put in the mother of all tops in the 2nd half of 2014. And at $60 Oil (never mind $39), we’re not going back there.
Alas, after any long-term #bubble chart like this peaks and rolls, everyone in the Old Wall research department wants to call it “bottoming” (having never called it topping of course). That’s typically the last sucker’s rally."
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