Daily Market Data Dump: Wednesday

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: Wednesday - equity markets 8 24


Daily Market Data Dump: Wednesday - sector performance 8 24


Daily Market Data Dump: Wednesday - volume 8 24


Daily Market Data Dump: Wednesday - rates and spreads 8 24


Daily Market Data Dump: Wednesday - currencies 8 24


Daily Market Data Dump: Wednesday - commodities 8 24

Poll of the Day: Which Business News TV Channel Do You Trust The LEAST?

Takeaway: What do you think? Cast your vote. Let us know.



CHART OF THE DAY: Complacency At All-Time Highs?

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. 


"... Looking a little deeper into how the latest all-time high in SPY has become:

  1. VOLUME: yesterday’s Total US Equity Market Volume (including dark pool) crashed -26% vs. its 1yr avg
  2. VOLATILITY: remained like a ball-under water (sub 14-15 on front month), sucking everyone back to VIX 10-11
  3. PRICE: SPY has only moved > +/- 0.5% in 5 of the last 31 trading days (will day 27 of complacency be today?)"


CHART OF THE DAY: Complacency At All-Time Highs? - 08.24.16 chart

Hedgeye Statistics

The total percentage of successful long and short trading signals since the inception of Real-Time Alerts in August of 2008.

  • LONG SIGNALS 80.47%
  • SHORT SIGNALS 78.71%

Cartoon of the Day: "Rarified"

Cartoon of the Day: "Rarified" - No volume cartoon 08.23.2016


Total equity market volume continues to tumble on up days and rip on down days.

Oil/Iran: Sell The "News"!

Takeaway: In our view it is still too soon for any change in OPEC production policy.

The OPEC rumor mill is in hyperdrive with today's Reuters report citing sources that say Iran is "sending positive signals" on a production freeze. Like a marionette, the market follows.


Iran may actually attend this informal OPEC meeting but only because it will be held on the sidelines of the International Energy Forum (IEF) and attended by potential customers for its crude.


But this freeze sequel ends the same as last April's attempt - no agreement & no freeze.


This is just public relations so Iran doesn't look like the bad guy after the Saudis made comments earlier this month about cooperating with other OPEC members "if necessary."


In our view it is still too soon for any change in OPEC production policy. Saudi Arabia is more nervous about oil at $50 than $40 because they know it keeps US shale alive. The Saudis only care about declining US production and need to see more of it.


Oil/Iran: Sell The "News"! - OPEC cartoon 04.24.2015 large


Iran is just eight months into ramping up exports and regaining market share. So they simply can't agree to any limits on production now. Arguments that Iranian production is plateauing will fall on deaf ears in Tehran.


Throw in other recent news reports that Iran plotted to assassinate the Saudi ambassador to Iraq -- and we don't have the makings of a productive meeting in September.


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Editor's Note: Here's a recent interview where McMonigle explains why Saudi Arabia and Iran will once again dash OPEC oil production “freeze” discussions.


Early Look

daily macro intelligence

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