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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.
USA, USA!
The Dow, Nasdaq, S&P 500 and Russell 2000 all hit intraday all-time highs yesterday. Hedgeye CEO Keith McCullough signaled sell the Dow in Real-Time Alerts.
FED NEWS
This is scary, but not surprising. “The substantive point is that we do not, at present, have a theory of inflation dynamics that works sufficiently well to be of use for the business of real-time monetary policymaking,” said former Fed governor Daniel Tarullo in a speech yesterday.
Recently, President Trump and Treasury Secretary Steven Mnuchin met with former Fed governor Kevin Warsh to discuss his potential nomination as the next chair of the Fed, to replace Janet Yellen when her term expires in February.
Warsh is a hawk and adamant about reforming the Fed. Hedgeye Senior Macro analyst Darius Dale noted the following quote from Warsh in May, while hearing him speak at the Hoover Institution's monetary conference: "The Fed needs to be reformed on pretty much all fronts to curtail widespread groupthink, micro-mismanagement of the economy and distortions within financial markets."
Long Oil?
Yup...
The Latest on Europe Slowing...
IN CASE YOU MISSED IT...
Reserve your seat for an exclusive viewer Q&A with iconoclastic, best-selling author Jim Rickards. Rickards will be one-on-one with Hedgeye CEO Keith McCullough to discuss their divergent market and economic outlook. Don’t miss this “Real Conversation” between two of the sharpest minds in finance. (Q&A on October 18, 2017)
Hedgeye CEO Keith McCullough signaled sell the Dow in Real-Time Alerts. “It’s not because I was feeling anything. It is not because of anything qualitatively,” McCullough says in the above video. “It is all process.”
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.
