Good morning, you can enjoy today's The Macro Show with Hedgeye CEO Keith McCullough and Macro & Housing analyst Christian Drake 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) CHINA – Post Fed rate hike both China and Hong Kong tightened overnight – that means China is now tightening into a slow-down! (see Darius’ Early Look note from yesterday on our data-driven #ChinaSlowing view.) Stocks dropped in both Shanghai and HK overnight and we’d remain long U.S. Growth over anything Chinese/Industrial demand.
2) EUROPE – Just a bloodbath for European Sovereign Bond bears again this morning as #EuropeSlowing becomes more obvious by the day – France’s 10YR Yield down another -4bps this morning (down -19bps in the last month alone) to 0.79%; German 10YR down -4bps to 0.55% and we’ll reiterate the short European Stocks (banks in particular) call vs. long sov bonds on European #InflationSlowing.
3) UST 10YR – Popped to a lower-high intraday yesterday, giving the consensus inflation expectations position hope for a breakout in the 10YR > 2.95%, then #failed – down another 4bps this morning to 2.84% - on the margin bearish for U.S. bank stocks this morning and that adds to the case for lower-highs in the S&P 500.
HedgeyeTV | Live Today at 1:00PM ET
[WEBCAST] Why Tesla is a ‘Blindingly Obvious Short’
Some of the world’s sharpest and most successful investors are bearish on Tesla (TSLA). But … who among them can say they initiated their short call within a week (literally!) of Tesla’s all-time high?
Enter Hedgeye Industrials analyst Jay Van Sciver…
Van Sciver called Tesla a “blindingly obvious short” on June 14, 2017 (in his research note announcing his short call to institutional investors). Tesla shares reached all-time highs one week later. Since Van Sciver’s mid-June short call on the company, shares are down -20%.
In other words, timing matters.
What comes next for shares of Tesla?
We’re hosting a LIVE (and free) Tesla webcast on Thursday March 22nd at 1pm ET.
You’re invited to join us.
Van Sciver will explain why he thinks Tesla is “ludicrously overvalued” with Hedgeye CEO Keith McCullough and why he said “if Tesla even survives to profitability, it would be an exceptional accomplishment.”
Tesla is one the biggest battleground stocks in the market.
Hear the bear case from the one of the most accurate Tesla bears around.
