• A Special HedgeyeTV Webcast Event

    1st Annual Hedgeye Investing Summit

    The sharpest minds in investing discuss the latest market and economic developments and explain their investing implications.

Global stock markets are rising today, and Russia is falling. This is a very straightforward negative divergence that Putin cannot be enjoying. Since my “Fading Fast Money” (Commodities) note on 5/20/08, Russia has lost -15.1% of its value.

Long term support for the RTSI Index is 2133, and today we’re seeing that line broken. As a leading indicator, this does not auger well for energy prices.

It is global this time, indeed.
KM
Chart courtesy of StockCharts.com