If you're hoping/wishing/praying that a dovish Fed will be a bullish catalyst for stocks, Hedgeye CEO Keith McCullough warns in this clip from The Macro Show that you're in for a rude awakening.

“When the Federal Reserve actually goes dovish, they are acknowledging (like FedEx did) that we are in a recession,” explains McCullough.

"So many people on the other side of our trades—the whole time—are wondering when we’re going up. We’re going down! Doing the opposite of having a dovish pivot has been where all the money’s been made.”

McCullough: A Dovish Fed = Recession Acknowledgement - TMS Banner