In this recent clip from The Macro Show, Hedgeye CEO Keith McCullough highlights the NASDAQ reacting to a bear market bounce in meme stocks, saying “after the bounce, the NASDAQ hasn’t even been able to come out of crash mode.”
From Keith’s notebook this morning:
NASDAQ – If we told you SPY has only had 1 up day in AUG, you might be triggered – AFTER a big bear market bounce, the NASDAQ Crash is still in motion at -21.3% from where the mother of all #Quad2 Cross Asset Bubbles peaked in NOV 2021 – plenty of bears have given up. We haven’t and will review why on our Mid-Quarter Macro Update call (post CPI) Wednesday August 10th at 11AM ET (contact email@example.com to upgrade to access this Macro Pro-exclusive event).
“In addition to the yield curve, now give everybody who’s buying ‘Blood Bath & Beyond” on meme stock reddit board postings or whatever. Those 3 things, they’ll score zero out of four.” says McCullough.