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CHART OF THE DAY: Dispelling The Myth That Everyone Is Bearish

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.

 

"... 'Bearish positioning' means the 1-year z-score is A) negative and/or B) really negative (i.e. when it’s more negative than a -2.0x). US Dollar and British Pound have 1-year z-scores of -0.8x and -2.5x, respectively, as of last week.

 

So what the heck does it all mean? At 11 VIX can stocks never go down as long as GDP isn’t greater than 2%, but not less than 1%? How about long-term bonds and their “safe-yield” proxies – is it over for them, but never for high-beta-low-quality?"

 

CHART OF THE DAY: Dispelling The Myth That Everyone Is Bearish - 08.22.16 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. Why Target Shares Have 20% Downside From Here (8/20/2016)

 

 

In this excerpt from The Macro Show on Friday, Hedgeye Retail analyst Alec Richards explains why Target shares have significant downside from today’s levels.

 

2. Can The ‘Let Trump, Be Trump’ Strategy Beat Clinton In Election 2016? (8/19/2016)

 

 

In this Capital Brief video Q&A, Hedgeye Potomac Chief Political Strategist JT Taylor the recent shakeup in Donald Trump’s campaign team and a shift in strategy for Hillary Clinton.

 

3. Is The Healthcare Bubble About To Burst? (8/18/2016)

 

 

In this brief excerpt from The Macro Show, Hedgeye CEO Keith McCullough and Demography Sector Head Neil Howe respond to a subscriber’s question about whether the healthcare sector is a bubble that’s about to pop.

 

4. About Everything | Augmented Reality: Better Than Virtual? (8/17/2016)

 

 

In this complimentary edition of About Everything, Hedgeye Demography Sector Head Neil Howe discusses the media hype surrounding virtual reality versus "the next big thing [that] may already be sitting in your pocket: augmented reality." Howe breaks down the key takeaways and explains the broader implications for investors.

 

Click here to access the associated About Everything slides.

Click here to read Howe’s associated About Everything piece.

 

5. McCullough: Don’t Hyperventilate, Buy Protection (8/16/16) 

 

 

In this brief excerpt from The Macro Show, Hedgeye CEO Keith McCullough explains how to trade an environment in which volatility continues “shocking people to the upside.”

 

6. Intel: This Is As Good As It Gets In The Hardware Space (8/16/2016)

 

 

Introducing Hedgeye Technology Sector head Ami Joseph. In this excerpt from a recent HedgeyeTV video presentation, Joseph lays out why Intel (INTC) is his first Hedgeye Best Idea on the long side.

 

7. Australia’s Housing Bubble Is A Massive Powder Keg (8/15/2016)

 

 

In this brief excerpt from The Macro Show, Hedgeye Financials analyst Josh Steiner discusses some disconcerting new developments related to Australia’s housing bubble. 

 

Click here to subscribe for free to our YouTube channel.


The Week Ahead

The Economic Data calendar for the week of the 22nd of August through the 26th of August 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 - 08.19.16 Week Ahead


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Hosted by Hedgeye CEO Keith McCullough at 9:00am ET, this special online broadcast offers smart investors and traders of all stripes the sharpest insights and clearest market analysis available on Wall Street.

PREMIUM INSIGHT

Why Target Shares Have 20% Downside From Here

In this excerpt from The Macro Show on Friday, Hedgeye Retail analyst Alec Richards explains why Target shares have significant downside from today’s levels.


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. Projections (8/19/2016)

This Week In Hedgeye Cartoons - Fed bunny cartoon 08.19.2016 


Fed projections are all rainbows, puppy dogs and ... bunnies. 

 

2. All Aboard? (8/18/2016)

This Week In Hedgeye Cartoons - Stocks Titanic cartoon 08.18.2016

 

Did you buy the all-time highs in U.S. equity markets?

 

3. Yield (8/17/2016)

This Week In Hedgeye Cartoons - Euro Zone cartoon 08.17.2016

 

In the past year, other than the U.K.'s FTSE, European equity market drawdowns range from the German DAX's -3% to -29% for Italy's FTSE MIB.

 

4. The Financial Market Olympics (8/16/2016)

This Week In Hedgeye Cartoons - Financial olympics cartoon 08.16.2016

  1. Total equity market volume was down -7% versus its 1-month average yesterday
  2. Gold is up +25% year-to-date
  3. Global growth continues to slow
  4. The best efforts of central bankers have failed to stimulate global economic growth
  5. The earnings recession continues (for Q2 2016, 458/500 S&P 500 companies have reported an aggregate earnings decline of -4.1%)
  6. Oil prices continue to fall on bearish fundamentals (and pop on OPEC oil production freeze rumors)

 

5. Devalued (8/15/2016)

This Week In Hedgeye Cartoons - British currency cartoon 08.15.2016

 

The pound has lost -12.6% of it's value (against the U.S. dollar) year-to-date as U.K. growth has slowed.

 

Click here to receive our daily cartoon for free.


Cartoon of the Day: Projections

Cartoon of the Day: Projections - Fed bunny cartoon 08.19.2016

 

Fed projections are all rainbows, puppy dogs and ... bunnies.


Early Look

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