In 2014, we were sick and tired of hearing narrative after narrative on "Old Wall" TV. We created The Macro Show for everyday investors looking for a better way to access real-time investable market analysis.
Track trends in stocks, commodities, currencies, and interest rates across the globe every morning before the market opens with former hedge fund veterans, Hedgeye CEO Keith McCullough and Director of Research Daryl Jones.
To help keep you Macro Aware, we've included video highlights from this week's key themes on The Macro Show. We’ve also transcribed brief excerpts to speed up your idea generation process.
Enjoy and have a great weekend.
public transit & Labor market Trends
"You're not seeing people get back on the subway; you're not seeing people get on the train and come into Manhattan. Now granted, it's more than it was when it was at zero in April 2020, but it's still down by about two thirds. This is not a recovery." - Industrials analyst Jay Van Sciver
"Even with all the improvement that we’ve had over the last few quarters, we’re still at almost triple the amount of people collecting unemployment insurance as there were in the peak of the financial crisis... 3 to 4 million workers are going to be pushed into the labor force once these 21-22 states (35% of all workers, collectively) extricate themselves from the federal assistance program. July, August & September numbers will be very strong." - Financials analyst Josh Steiner
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macro matchup: bond yields vs. gold & Volatility breakdown
"You want to know why Gold went up? Because bond yields went down, so it's not that complicated. When bond yields go to the low end of the Risk Range, a bunch of other things go to the top end of the range, including Gold."
"Episodic and non-trending volatility? Yeah, that happened. Hopefully you didn't puke up your small caps when they were at the low end of the range. Russell 2000 Volatility continues to break down; I think we're going to new cycle lows."
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beeeg time #quad2
"This isn't about chasing moving monkeys or being emotional, it's about buying the damn dips right where those check marks were. If you did, you're doing better than the crowd; it's called generating alpha."