prev

CHART OF THE DAY: Worst ISM Services Since 2010

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. 

 

CHART OF THE DAY: Worst ISM Services Since 2010 - el 09.07.16 chart

 

"...Seriously. That was the worst ISM Services report since 2010 and the largest sequential decline in New Orders (leading indicator) in 104 months and this character at the San Francisco Fed, John Williams, came out intraday saying “the economy is strong” and needs rate hikes.

 

What, precisely, does “the economy is strong” mean? At Hedgeye we deal in real-time and space terms using this thing called the 2nd derivative as a leading indicator for future “levels.” In other words:

 

A)     The economy is either accelerating or

B)      The economy is decelerating

 

It’s not that complicated."


PREMIUM INSIGHT

3 Reasons: Why Las Vegas Sands Is A Buy | $LVS

3 Reasons: Why Las Vegas Sands Is A Buy | $LVS - HE GLL Macau Vegas

This is an excerpt from a recent “Black Book” presentation for institutional investors on Las Vegas Sands (LVS). In this clip, Hedgeye Gaming, Lodging & Leisure analyst Todd Jordan presents three reasons why he added LVS to his Best Ideas Long list.


McMonigle: No OPEC ‘Freeze’ Without Iran

In this clip from The Macro Show earlier today, Hedgeye Energy Policy Analyst Joe McMonigle addresses the latest global oil developments and why there will be no OPEC oil freeze without Iran.

 


the macro show

what smart investors watch to win

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.

Cartoon of the Day: Crude Realities

Cartoon of the Day: Crude Realities - Freeze and hike cartoon 09.06.2016

 

Talk is ... how shall we put it ... cheap.


Dear Janet, Are You Really "Data Dependent"?

Takeaway: You may want to stop reading now if you're a “data dependent” hawk.

Dear Janet, Are You Really "Data Dependent"? - Yellen data dependent cartoon 11.18.2015

 

Editor's Note: The excerpt below is from a larger institutional note written by Hedgeye CEO Keith McCullough.

ISM Services prints worst since 2010. 

 

...Drops -4 pts sequentially with Business Activity and New Orders dropping a remarkable -7.5 pts and -8.9 pts, respectively.  Employment down -0.7 and barely holding positive at 50.7 as well.

 

From potential overheating to flirting with contraction in a single month with New Orders posting its largest sequential decline in 104 months. To review, if you broadly divide the economy into Services & Goods and do the data dependence math for August:

 

  1. GOODS = Contraction
  2. SERVICES = worst print since 2010  

 

If you’re more into data point breadth, here’s a list that “data dependent” hawks should obfuscate or ignore:

 

  1. Chicago PMI = Worse
  2. ISM Services = Worse
  3. ISM manufacturing = Worse
  4. Markit Manufacturing PMI = Worse
  5. Bloomberg Consumer Confidence = Worse
  6. NFP = Worse
  7. Auto Sales = Worse
  8. Labor Market Conditions = Worse

Poll of the Day: Are Negative Interest Rates Coming to America?

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

 

Poll of the Day: Are Negative Interest Rates Coming to America? - z silly

 

 

 


get free cartoon of the day!

Start receiving Hedgeye's Cartoon of the Day, an exclusive and humourous take on the market and the economy, delivered every morning to your inbox

By joining our email marketing list you agree to receive marketing emails from Hedgeye. You may unsubscribe at any time by clicking the unsubscribe link in one of the emails.

next