Investors piled into oil and energy stocks following OPEC’s announcement it would reduce oil production. It’s yet another sign Wall Street is woefully unprepared for the oncoming recession.
“The consensus positioning of hedge fund managers is in the 100th percentile of gross long exposure,” explains Keith McCullough in this clip from The Macro Show. “When people say, ‘People aren’t bullish.’ Bullshit. They’re chasing, and they’re chasing performance.”
While others cite “year to date” data to support their bullish positions, McCullough says full-cycle investors focus on “cycle to date” as a more telling indicator of market shifts.
Watch the full clip above.
