Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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In ROC (rate of change) terms, the order of magnitude of Chinese (PBOC) panic last night was real. The PBOC accelerated cash injections from 150B CNY to 400B ($57B USD) day-over-day. Chinese Cowbell = Chinese Stocks (Shanghai) +1.3% + US Equity Futures +1.1%. Phew, thank goodness for central market planners. The Coronavirus must be over and Google (GOOGL) really didn’t show a classic #LateCycle slow-down in Advertising Revenues last night. That was pre-virus data. It must be better now. |
