Chart, and Quote, of the Day

This chart and accompanying stats, along with Friday's video commentary and last week's weekly message, adds to our presently defensive narrative:

click to enlarge...



Hedgeye Risk Management and PWA are very much on the same page presently:

"I think it's negligent, negligent as a fiduciary manager of other people's money to at this point to be completely sold on this deal being something that is going to change something out of what we currently have economically...." 

Keith McCullough, CEO

"This deal" Keith refers to is the pending U.S./China trade deal. I've maintained of late that while this looms traders are reluctant to do what they might otherwise do; which is sell into the earnings setup illustrated above, the macro picture painted in our latest video, and the massive underlying risk we highlighted in last week's message. But being that we're not traders, but rather "fiduciary managers of other people's money", we're sticking with the data...