After months of declines, Regional Banking (KRE) and Real Estate (XLRE) enjoyed their best days since the Great Financial Crisis.  That’s not a sign of economic recovery. It’s the opposite: a bear market bounce that will sucker vulnerable investors into buying right before the recession hits. 

“When the real bear sh*t leads the rally, that’s the beginning of the end for the bear market bounce,” Keith McCullough explains in this clip from The Macro Show. “That’s why yesterday, I was dead wrong and dumb for a day. But if I wasn’t dead wrong on days like this in 2008 or January 2022 or July 2023, then I wouldn’t be smart.” 

“This is outright panic buying, panic chasing, panic covering,” McCullough adds. “The only time I’ve seen this is the Great Financial Crisis. This could be worse. The Great Financial Crisis was a Wall Street thing. This is a Main Street crisis. Two-thirds of human beings don’t have any money left. (In our Mid-Quarter Update today), we’re going to go through this whole reality of the U.S. economy, fully loaded with today’s slowing retail sales number.” 

***Tune into today’s Macro Themes Mid-Quarter Update webcast for a deeper analysis of what lies ahead for the markets/economy in the months ahead. This presentation is available to our Institutional and “Macro Pro” subscribers. If you’re interested in learning more and upgrading to “Macro Pro,” email

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