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Editor's Note: Below is a brief note written each morning by CEO Keith McCullough and sent to Hedgeye subscribers. Click here to learn more about subscribing.

[NEW INSIGHT] U.S. Dollar Bottoming, Emerging Markets Falling & Oil Ripping! - 04.24.2018 dollar bottom cartoon

Our U.S. dollar “bottoming” call was in the 1st week of April (timing matters).

Yesterday the U.S. dollar signaled immediate-term #overbought on both the Index and relative to the Euro, Yen and Pound. Both it and rates could easily correct from #overbought if we’re right on tomorrow’s U.S. headline GDP report missing consensus.

Emerging Markets are not enjoying the U.S. Dollar Bottoming call as EM Topping (and in some cases dropping, hard) is one of the most obvious ways to risk manage USD strength. Indonesia’s stock market pounded for another -2.8% loss last night (EM Asia looks much worse than LATAM) and Turkey’s stock market is down over -8% in the last month alone.

Oil remains Bullish TREND @Hedgeye after Macron reminded the world that Trump doesn’t really care about what the French would like to see happen with Iran (nice call by our Energy Policy analyst, Joe McMonigle, in Washington).

So any pull back in USD and/or rates tomorrow (on a headline GDP print), I’d be ready to capitalize on.

[NEW INSIGHT] U.S. Dollar Bottoming, Emerging Markets Falling & Oil Ripping! - early look