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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
"Despite Wall Street bears whining about FAANG for the last 4 days, the S&P 500 hit new all-time highs again today," writes Hedgeye CEO Keith McCullough.
https://twitter.com/KeithMcCullough/status/913039604223275008
U.S. Economy
U.S. economic growth is accelerating. Consider Durable Goods. "Given Hurricane Harvey was in some of these numbers, this was a sweet print for the Rate of Change enthusiasts as TRENDING Durable Goods Order momentum continues to prove … wait for it … increasingly Durable!" writes Hedgeye CEO Keith McCullough.
https://twitter.com/KeithMcCullough/status/913024077396348928
Not to be outdone, America's C-Suite is feeling pretty good too. Last week, the Business Roundtable CEO Outlook index ticked higher, with executive future expectations hitting its highest level since 2014 and plans to hire people at a six year high.
Private Aircraft orders ripping as corporate profits did in 2017 (+45% M/M, +40%Y/Y).
https://twitter.com/KeithMcCullough/status/913023381380976640
Fed
Fed head Janet Yellen is getting hawkish. Here's what Yellen said in a speech yesterday: "For these reasons, and given that monetary policy affects economic activity and inflation with a substantial lag, it would be imprudent to keep monetary policy on hold until inflation is back to 2 percent."
https://twitter.com/KeithMcCullough/status/912969436881211392
https://twitter.com/KeithMcCullough/status/912968868989165569
Gold
Gold definitely doesn't like a hawkish Fed and rising bond yields. Simple playbook here: You want to be an owner of gold when bond yields are falling. (Watch McCullough discussing this simple strategy in, "McCullough: My Response to Ray Dalio’s ‘Buy Gold’ Recommendation.")
https://twitter.com/KeithMcCullough/status/912967685260107776
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.
