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Below is an excerpt from today's Early Look written by Hedgeye CEO Keith McCullough:
Let’s get after it and deliberately study what happened in macro markets last week within the context of @Hedgeye TRADE, TREND, and TAIL durations.
Globally, it was ugly out there for Equities:
- SP500 dropped -6.0% last week to -3.2% YTD and is now signaling Bearish TREND @Hedgeye
- NASDAQ corrected -6.5% last week to +1.3% YTD and is barely Bullish TREND @Hedgeye
- Russell 2000 fell -4.8% last week to -1.7% YTD and remains Bearish TREND @Hedgeye
- EuroStoxx600 lost another -3.1% last week to -6.0% YTD and remains Bearish TREND @Hedgeye
- Germany’s DAX fell another -4.1% last week to -8.0% YTD and remains Bearish TREND @Hedgeye
- Swiss stocks corrected another -3.5% last week to -8.7% YTD and remain Bearish TREND @Hedgeye
- London’s FTSE dropped another -3.4% last week to -10.0% YTD and remains Bearish TREND @Hedgeye
- Japan’s Nikkei lost another -4.9% last week to -9.4% YTD and remains Bearish TREND @Hedgeye
- China’s Shanghai Comp fell another -3.6% to -4.7% YTD and remains Bearish TREND @Hedgeye
- Russia’s RTSI gained +0.6% last week to +9.3% YTD and remains Bullish TREND @Hedgeye
“So”… if you’re saying 1 out of the aforementioned 10 being Bullish TREND @Hedgeye ain’t bad, you’re right. That’s terrible.
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