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To help contextualize this morning's market moves around the world, below are insights and analysis from our research and Hedgeye CEO Keith McCullough's Twitter feed.
S&P 500
FANG stocks "plunge most in 3 months, AAPL nears correction," writes Zero (H)Edge. Facebook was down -4.5% yesterday, after being up +42% year-to-date. Simply put, after an epic run, Facebook's stock corrected. Don't freak out. Here's a reality check...
https://twitter.com/KeithMcCullough/status/912661989947793409
U.S. Dollar
Bottoms are processes not points. See the higher lows in the U.S. dollar below. What could send the U.S. dollar higher? A hawkish Fed. New York Fed Head Bill Dudley went from dovish to hawkish on inflation yesterday saying that “temporary headwinds to inflation are fading.” Check out our forward-looking inflation outlook.
https://twitter.com/KeithMcCullough/status/912609169194340352
Oil
Will oil hold it's current bullish trend (via the recent breakout)? That too remains an open question.
https://twitter.com/KeithMcCullough/status/912607007659773952
https://twitter.com/KeithMcCullough/status/912607774789554176
https://twitter.com/KeithMcCullough/status/912607774789554176
Greece
The eurozone's top official Jeroen Dijsselbloem said yesterday that Greece and creditors in Europe are on a path toward completing bailout talks and a "clean exit" from fiscal supervision. "At the beginning of next year, we will design a mechanism to make sure that more debt relief will come in place over time if needed and if the growth is disappointing," Dijsselbloem said.
Europe is slowing.
https://twitter.com/KeithMcCullough/status/912605419742334976
South Korea
Despite concerns of nuclear war with North Korea, South Korea's Kospi is up +17% year-to-date (down -3% from the July high). President Trump tweeted over the weekend: "Just heard Foreign Minister of North Korea speak at U.N. If he echoes thoughts of Little Rocket Man, they won't be around much longer!"
https://twitter.com/KeithMcCullough/status/912603568397578240
In Case You Missed It...
What we think about supposedly "expensive Tech stocks"...
https://twitter.com/KeithMcCullough/status/912609458471219200
... and the changing attitudes of the Millennial generation via renowned Hedgeye Demographer Neil Howe.
https://twitter.com/KeithMcCullough/status/912661342976430080
Want to better understand the big picture macro market developments? Sign up for more information about our soon to be released weekly newsletter Market Edges.
