“The indices have crashed and collapsed with mega cap tech going up,” explains Hedgeye’s Risk Manager in Chief. “So now, from the top end of the range, the most probable thing is to go down. And those are much heavier weights on the major indices.”
McCullough has frequently called this the “mother of all bubbles,” and will host a webcast on this topic Thursday at 11 a.m.
“If people weren’t buying profitless tech, buying the bubble caps, buying the meme stocks (Gamestop, etc.), it wouldn't still be the mother of all bubbles," McCullough explains. “I think there’s obviously a lot of risk any time we get to the top end of the range.”