hedgeye asset allocation - docs.hedgeye.comdocs.hedgeye.com/he_tms_drake_4.11.16.pdf210. 3 mo the...
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HEDGEYE 2
DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye Risk Management is not a broker dealer and does not provide investment advice to individuals. This research does not constitute an offer to sell, or a solicitation of an offer to buy any security. This research is presented without regard to individual investment preferences or risk parameters; it is general information and does not constitute specific investment advice. This presentation is based on information from sources believed to be reliable. Hedgeye Risk Management is not responsible for errors, inaccuracies or omissions of information. The opinions and conclusions contained in this report are those of Hedgeye Risk Management, and are intended solely for the use of Hedgeye Risk Management’s clients and subscribers. In reaching these opinions and conclusions, Hedgeye Risk Management and its employees have relied upon research conducted by Hedgeye Risk Management’s employees, which is based upon sources considered credible and reliable within the industry. Hedgeye Risk Management is not responsible for the validity or authenticity of the information upon which it has relied. TERMS OF USE This report is intended solely for the use of its recipient. Re-distribution or republication of this report and its contents are prohibited. For more detail please refer to the appropriate sections of the Hedgeye Services Agreement and the Terms of Use at www.hedgeye.com.
LEGAL
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HEDGEYE ASSET ALLOCATION
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
CASH U.S.EQUITIES
INT'LEQUITIES
COMMODITIES FOREIGNEXCHANGE
FIXED INCOME
65%
0% 0%
21%
9%
76%
HEDGEYE ASSET ALLOCATION
The maximum preferred exposure for cash is 100%. The maximum preferred exposure for each of the other asset classes is 33%.
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1 2 3
USD
OIL
UST 10YR
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USD After falling another -0.4% last week to year-to-date lows of -4.5%, the U.S. Dollar Index is signaling immediate-term oversold in my model for the first time in April (the 30-day correlation between USD and S&P 500 is -0.90).
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OIL WTI was up +8% last week after falling -7% in the week prior. This will be as important to watch as anything U.S. Equity Market Beta this week; risk range is signaling a lower-high of $39.99/barrel as Oil Volatility (OVX) signals a higher-low of 43.14.
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UST 10YR A whole lot of nothing happening from a sovereign bond market volatility perspective (Long Bond Bulls should enjoy that as it signals growth has not “bottomed”). The UST 10YR Yield was -5 basis points last week and down -55 basis points year-to-date at 1.72%.
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U.S. MACRO & HOUSING
CHRISTIAN DRAKE
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SUPPLY SIDE ECONOMICS
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HEDGEYE 11
• Low Rates
• Negative/Low Equity
• Tighter Credit
• Home Price Spreads
• Demographics
• Investors
INVENTORY: THE WHY OF SUPPLY
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HEDGEYE 12
INVENTORY: ON THE LOWS
DATA SOURCE: BLOOMBERG, NAR, HEDGEYE
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HEDGEYE 13
SUPPLY: LONG-TERM LOWS
DATA SOURCE: BLOOMBERG, NAR
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HEDGEYE 14
SUPPLY: RATE RETICENCE
DATA SOURCE: MBA, CENSUS BUREAU, CORELOGIC, REALTYTRAC, HEDGEYE
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HEDGEYE 15
SUPPLY: EQUITY OVERHANG
DATA SOURCE: CORELOGIC
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HEDGEYE 16
MCAI ↓: TRADE OR TREND? Meanwhile, mortgage credit availability, which had been on a long-term upswing, recently negatively inflected.
DATA SOURCE: MBA,
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HEDGEYE 17
SUPPLY: CREDIT CONSTRAINTS Meanwhile, mortgage credit availability, which had been on a long-term upswing, recently negatively inflected.
DATA SOURCE: MBA,
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HEDGEYE 18
SUPPLY: CREDIT CONSTRAINTS This is simply a longer-term snapshot of credit availability for some added perspective.
DATA SOURCE: MBA
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HEDGEYE 19
SUPPLY: CREDIT CONSTRAINTS Standards remain well below long-term equilibrium.
DATA SOURCE: URBAN INSTITUTE
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HEDGEYE 20
SUPPLY: PREMIUM SPREADS
DATA SOURCE: BLOOMBERG, HEDGEYE
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HEDGEYE 21
BOOMERS AGING IN PLACE
BOOMERS’ FAMILIES ARE GETTING SMALLER…
BUT THE SHARE LIVING IN SINGLE-FAMILY DETACHED
HOMES IS UNCHANGED
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HEDGEYE 22
BOOMERS AGING IN PLACE
SOURCE: AARP (2012)
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HEDGEYE 23
GEN X IN TROUBLE
Gen X
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HEDGEYE 24
GEN X IN TROUBLE
DATA SOURCE: CENSUS BUREAU
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HEDGEYE 25
RENTAL INVENTORY STILL NEGATIVE
DATA SOURCE: FREDDIE MAC
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HEDGEYE 26
OLD FORMAT = $800/SQUARE FT NEW FORMAT = $1,300 SQ FT
GDP: RESIDUAL SEASONALITY
1Q RESIDUAL SEASONALITY NEGATIVE IN 3 OF LAST 5 YEARS
DATA SOURCE: BLOOMBERG
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HEDGEYE MACRO PROCESS: RATE OF CHANGE
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HEDGEYE SECTOR PERFORMANCE
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HEDGEYE SECTOR RELATIVE PERFORMANCE
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HEDGEYE STYLE FACTOR PERFORMANCE
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HEDGEYE RATES & SPREADS
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
CFTC NON-COMMERCIAL NET LONG POSITIONING
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
MARKET SHARE VOLUME & TOTAL VALUE TRADED
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
BACK TO GROWTH SLOWING ALLOCATION
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
1.60
1.80
2.00
2.20
2.40
2.60
UST 10YR U.S. 10-YEAR YIELD
![Page 72: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/72.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0
200,000,000
400,000,000
600,000,000
800,000,000
1,000,000,000
1,200,000,000
1,400,000,000
1,600,000,000
1,800,000,000
2,000,000,000
1,700
1,750
1,800
1,850
1,900
1,950
2,000
2,050
2,100
PR
ICE
SPX S&P 500 INDEX V
OL
UM
E
![Page 73: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/73.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
1,700
1,800
1,900
2,000
2,100
SPX S&P 500 INDEX
![Page 74: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/74.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
900
940
980
1,020
1,060
1,100
1,140
1,180
1,220
RTY RUSSELL 2000 INDEX
![Page 75: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/75.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
RTY RUSSELL 2000 INDEX P
RIC
E
VO
LU
ME
0
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
800,000,000
900,000,000
900
940
980
1,020
1,060
1,100
1,140
1,180
1,220
![Page 76: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/76.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
10
15
20
25
30
35
VIX VOLATILITY INDEX
![Page 77: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/77.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
25
30
35
40
45
50
55
CLA WTI CRUDE OIL
![Page 78: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/78.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
25
30
35
40
45
50
55
PR
ICE
CLA WTI CRUDE OIL V
OL
UM
E
![Page 79: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/79.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
90
92
94
96
98
100
102
DXY U.S. DOLLAR INDEX SPOT
![Page 80: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/80.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
CRY TR/CC CRB COMMODITY INDEX
150
160
170
180
190
200
210
![Page 81: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/81.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0
50,000
100,000
150,000
200,000
250,000
980
1,030
1,080
1,130
1,180
1,230
1,280
1,330
GOLD GOLD SPOT P
RIC
E V
OL
UM
E
![Page 82: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/82.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
980
1,030
1,080
1,130
1,180
1,230
1,280
1,330
GOLD GOLD SPOT
![Page 83: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/83.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HGA COPPER
175
185
195
205
215
225
235
245
![Page 84: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/84.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
1.40
1.60
1.80
2.00
2.20
2.40
2.60
2.80 NGA NATURAL GAS SPOT
![Page 85: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/85.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
1.04
1.06
1.08
1.10
1.12
1.14
1.16
EURO EURO SPOT
![Page 86: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/86.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
106
108
110
112
114
116
118
120
122
124 YEN JAPANESE YEN SPOT
![Page 87: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/87.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
13,000
14,500
16,000
17,500
19,000
20,500
22,000
NKY NIKKEI-225 STOCK AVERAGE
![Page 88: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/88.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0
500,000,000
1,000,000,000
1,500,000,000
2,000,000,000
2,500,000,000
3,000,000,000
3,500,000,000
4,000,000,000
13,000
14,500
16,000
17,500
19,000
20,500
22,000
VO
LU
ME
NKY NIKKEI-225 STOCK AVERAGE P
RIC
E
![Page 89: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/89.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0
5,000,000,000
10,000,000,000
15,000,000,000
20,000,000,000
25,000,000,000
30,000,000,000
35,000,000,000
40,000,000,000
2,500
3,000
3,500
4,000
4,500
SHCOMP SHANGHAI COMPOSITE INDEX V
OL
UM
E
PR
ICE
![Page 90: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/90.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
2,500
2,750
3,000
3,250
3,500
3,750
4,000
SHCOMP SHANGHAI COMPOSITE INDEX
![Page 91: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/91.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
IBEX 35 SPANISH CONTINUOUS MARKET
7,000
8,000
9,000
10,000
11,000
![Page 92: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/92.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
8,000
8,500
9,000
9,500
10,000
10,500
11,000
11,500
12,000
DAX GERMAN STOCK INDEX
![Page 93: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/93.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
0
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
8,000
8,500
9,000
9,500
10,000
10,500
11,000
11,500
12,000
VO
LU
ME
DAX GERMAN STOCK INDEX P
RIC
E
![Page 94: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/94.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
UST 2YR U.S. GENERIC GOVT 2-YEAR YIELD
0.40
0.50
0.60
0.70
0.80
0.90
1.00
1.10
1.20
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
HSI HONG KONG HANG SENG INDEX
17,000
18,000
19,000
20,000
21,000
22,000
23,000
24,000
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
SENSEX BSE INDIAN SENSEX INDEX
22,000
23,000
24,000
25,000
26,000
27,000
![Page 97: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/97.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
1,725
1,825
1,925
2,025
2,125
KOSPI SOUTH KOREA KOSPI INDEX
![Page 98: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/98.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
5,500
5,700
5,900
6,100
6,300
6,500
6,700
UKX UK FTSE 100 INDEX
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
350
400
450
500
550
600
650
700
750
800
ASE ATHENS STOCK EXCHANGE GENERAL
![Page 100: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/100.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
600
650
700
750
800
850
900
950
RTS RUSSIAN RTS INDEX
![Page 101: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/101.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
8,000
8,500
9,000
9,500
10,000
10,500
11,000
11,500
12,000
DAX GERMAN STOCK INDEX
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
CAC FRANCE CAC 40 INDEX
3,500
3,700
3,900
4,100
4,300
4,500
4,700
4,900
5,100
![Page 103: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/103.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
14,500
16,000
17,500
19,000
20,500
22,000
23,500
FTSE MIB BORSA ITALIANA INDEX
![Page 104: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/104.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
1.36
1.40
1.44
1.48
1.52
1.56
1.60
POUND BRITISH POUND SPOT
![Page 105: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/105.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
4,250
4,500
4,750
5,000
5,250
5,500
5,750
PSI 20 PORTUGAL PSI 20 INDEX
![Page 106: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/106.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
AS51 AUSTRALIA’S S&P/ASX 200 INDEX
4,600
4,800
5,000
5,200
5,400
5,600
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3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
RUB RUSSIAN RUBLE SPOT
50
55
60
65
70
75
80
85
90
![Page 108: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/108.jpg)
3MO
4/11/2014 THE MACRO SHOW
April 11, 2016
XOP OIL & GAS ETF
20
25
30
35
40
45
50
![Page 109: HEDGEYE ASSET ALLOCATION - docs.hedgeye.comdocs.hedgeye.com/HE_TMS_Drake_4.11.16.pdf210. 3 mo the macro show 4/11/2014 ... hong kong hang seng index . 17,000. 18,000. 19,000. 20,000](https://reader030.vdocuments.us/reader030/viewer/2022020315/5ad65c247f8b9aff228e303e/html5/thumbnails/109.jpg)
3YR
4/11/2014 THE MACRO SHOW
25
30
35
40
45
50
55 COA BRENT CRUDE OIL FUTURE
April 11, 2016