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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, 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

 

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Daily Market Data Dump: Tuesday - equity markets 8 9

 

Daily Market Data Dump: Tuesday - sector performance 8 9 16

 

Daily Market Data Dump: Tuesday - volume 8 9

 

Daily Market Data Dump: Tuesday - rates and spreads 8 9 16

 

Daily Market Data Dump: Tuesday - currencies 8 9

 

Daily Market Data Dump: Tuesday - commodities 8 9


CHART OF THE DAY: Being The Bears On Emerging Markets

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye Senior Macro analyst Darius Dale. Click here to learn more.

 

"... Alas, we should’ve seen broad-based EM reflation coming from a mile away. As rewarding as being the axe on the bear side of EM has been since we authored the call in early 2013 (see: Chart of the Day below) is as shameful as it has felt overstaying our welcome in the YTD."

 

CHART OF THE DAY: Being The Bears On Emerging Markets - 8 9 16 Chart of the Day


PREMIUM INSIGHT

About Everything: The Gig Economy is Alive and Growing

About Everything: The Gig Economy is Alive and Growing - gig econ

In this complimentary edition of About Everything, Hedgeye Demography Sector Head Neil Howe discusses the so-called "gig economy." A broad measure of the gig economy shows that it accounted for as much as 40% of the workforce in 2010, up from 30.6% in 2005. Howe dissects what this means for the U.S. economy and the broader implications for investors.


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Cartoon of the Day: Employment Growth Slowing

Cartoon of the Day: Employment Growth Slowing - jobs cartoon 08.08.2016

 

While Wall Street trumpeted Friday's headline 255,000 jobs number as "good," the year-over-year rate of change continues to slow from 2.3% in February of 2015 to last week's reading of 1.72%.


ICYMI | Bloomberg: Tallgrass CEO Slams Hedgeye Analyst Who Asks, ‘You Mad Bro?’

Takeaway: Tallgrass Energy CEO David Dehaemers accused Hedgeye Energy analyst Kevin Kaiser of libel saying that he fabricated information in a note.

ICYMI | Bloomberg: Tallgrass CEO Slams Hedgeye Analyst Who Asks, ‘You Mad Bro?’ - tallgrass

 

Via Bloomberg:

 

"Tallgrass Energy Partners LP Chief Executive Officer David Dehaemers had more on his mind than earnings during the company’s quarterly call with analysts on Wednesday.

 

Dehaemers took a break from talking strategy to accuse Hedgeye Risk Management analyst Kevin Kaiser of libel. Ripping into what he described as “people who act like analysts,” Dehaemers said Kaiser falsely reported on Aug. 1 that Tallgrass faces a potential contract restructuring with Bonanza Creek Energy Inc. Dehaemers said Bonanza is not a shipper on the company’s Pony Express oil pipeline. Kaiser lashed back on Twitter, citing Bonanza filings that appeared to back up his report.

 

On Thursday, James Edwards, Bonanza’s investor relations director, said by phone the oil explorer uses the pipeline through a third party."

 

**Click here to read the entire BLOOMBERG story. 

 

Below are the key excerpts from Bonanza (BCEI) filings cited by Kaiser: 

 

 

... And here's Tallgrass CEO David Dehaemers' comments about Kaiser's research from the conference call transcript:

 

"And you probably wonder now what am I talking about; well I'm going to tell you specifically what I'm talking about. On Monday, July or August 01, at 8.40 p.m. an analyst from Hedgeye Energy [ph] sent an unsolicited email to, I don't know how many people, but it clearly made its way to us. It went to many of our investors. It went to many of the regulated analysts or the people that act like analysts that cover our company...


You all know what is funny about this? Frankly, it is not funny. What it is, is libel. And the reason it is libel is because Bonanza Creek is not a shipper on Pony, they have never shipped one barrel on Pony Express. They certainly aren't a committed shipper.


I would suggest to people that write things about our company, be that in social media or as purported analysts, get their facts straight before they go libeling our company because they are liable for that.

 

I will end with my message being this. We work really hard around here for a lot of people that have a lot of money invested in our future. People are obviously welcome to believe our story, not believe it, buy our stock, sell it short, whatever. What you aren't able and have the right to do is make up your own set of facts and then slander us. If this continues we will have other means for which we will address this in the future."

FYI...

 


A Troubling Update On Australia’s Housing Bubble

Takeaway: The housing bubble in Australia is bad news for the country's big banks.

Editor’s Note: Below is a brief excerpt from an institutional research note written by Hedgeye Financials analyst Josh Steiner discussing ME Bank’s semi-annual report called the Household Financial Comfort Report which details the results of a survey that gathers responses from a significant sample size of 1,500 households.

 

This is an update to a previous piece, “Banks on the Barbie: Four Short Ideas In Australia’s Housing Bubble.” To access our institutional research email sales@hedgeye.com.

 

A Troubling Update On Australia’s Housing Bubble - Australia housing cartoon

THE PORTION OF AUSTRALIANS UNABLE TO MANAGE THEIR DEBT JUST DOUBLED

The red line in the chart below represents the portion of the 65% of indedbted households that expect they will be unable to make their minimum payments. After being virtually flat for the entirety of the survey’s life, that line has risen twofold in the last six months from 5% as of December 2015 to 10% as of June 2016. To be clear, that means that 10% of the 65% of Australian households with debt—6.5% of all households—expect to default in the next 6-12 months.

 

A Troubling Update On Australia’s Housing Bubble - australia manage debt

 

**To access our institutional research email sales@hedgeye.com.

 

 


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