Happy Friday! You can enjoy today's The Macro Show with Hedgeye CEO Keith McCullough and Macro analyst Ben Ryan HERE and access the associated slides (once they become available) HERE.
hedgeye's top 3 things
Below are the top three things from Hedgeye CEO Keith McCullough’s Macro Notebook this morning:
1) OIL - Holding its gains and now making a series of higher-lows as Natural Gas attempts a Bullish @Hedgeye TREND breakout alongside it. This is hawkish, sequentially, for most reflation reports (and for the Fed) and the UST 2YR yield agrees with that, ramping to a new YTD high of +1.65% this morning.
2) GOLD - Gold doesn’t like #RatesRising and has clearly been a relative macro dog since Oil’s breakout in SEP. We signaled SELL on GLD in Real-Time Alerts yesterday as the top-end of the @Hedgeye Risk Range for Gold = $1290 and it is Bearish TREND.
3) INDUSTRIALS - Since we’re bearish on both #ChinaSlowing (and the south of Europe) into 2018, we’ve been waiting for quantitative signal on Industrials (XLI) breaking our immediate-term TRADE line of support – that happened with XLI -1.3% yesterday and we like XLI short vs. something like Tech or Consumer Discretionary (XLY) long from the right levels in the range.
Hedegeye Webinar
Are You Sure the Stock Market Is Expensive?
We are hosting a webinar with CEO Keith McCullough on Tuesday, November 14th at 10:30 a.m.
CLICK HERE to learn more and register.
