Takeaway: What do you think? Cast your vote. Let us know.
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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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.
"... To put this in practical terms, let’s go through the SP500 setup one more time:
- It just had a text-book bounce off the low-end of my immediate-term 2167-2192 risk range
- It’s still signaling bullish from an intermediate-term TREND perspective (2141 support)
- It’s likely going to have a big move in/out of the US jobs report on Friday
If the jobs number is a bomb (Dollar Down, Rates Down), can stocks rip? Yes. If the jobs number is rainbows and puppy dogs (Dollar Up, Rates Up), can stocks get ripped? Yes. Can anything happen in between? Yes."
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In this brief excerpt from The Macro Show, Hedgeye CEO Keith McCullough reminds investors what happened to markets when the Federal Reserve raised interest rates for the first time since 2006 this past December.
Takeaway: This short is far from played out.
From E. Coli To Wage Theft, Bad news keeps on coming for chipotle
CNN just reported nearly 10,000 workers are suing Chipotle for allegedly cheating them on their pay in a class action lawsuit.
"Current and former Chipotle (CMG) employees claim that the company made them work extra hours "off the clock" without paying them. It's a practice known as wage theft, and Chipotle is allegedly doing it all over the United States.
'Chipotle routinely requires hourly-paid restaurant employees to punch out, and then continue working until they are given permission to leave,' according to the class action lawsuit known as Turner v. Chipotle. It's named after a former Chipotle manager in Colorado, Leah Turner, who claims she had to work without pay and was told to make workers under her do the same in order to meet budget goals."
Hedgeye Restaurant analyst Howard Penney has been the bear on the Chipotle for some time, criticizing management for their hubris surrounding the E. coli scandal and then actually denying that any problem even exists at the company.
Given this awful news today, it's clear management's issues run much deeper than we initially thought.
We're comfortable saying the Chipotle short call has yet to fully play out.
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