Every morning, Hedgeye CEO Keith McCullough wakes before dawn to begin the Macro Grind. Below is a brief roundup of the economic outlook he shared on Twitter this morning. 

The India bull market is finally being "seen" by Old Wall. Keith added India (INDA) as a long on June 12 (up 11% since), and "Long India" was one of our three Macro Themes going into Q4 over two months ago. (Click here to watch Keith's free webcast outlining our bullish position on India.)

The bull market also continues in South Africa. Subscribers to Portfolio Solutions saw Keith add South Africa (EZA) to his long-only ETF portfolio on November 22. Hedgeye's Risk Manager in Chief moved EZA up nine spots yesterday, into the top 15 of his largest-held ETF positions. (Click here to learn more about our new Portfolio Solutions product.)

These countries aside, the global recession rages on, as evidenced by oil's ongoing crash:

Moving to stocks, 10 U.S. equities offset the other 409 in the S&P 500 that were down yesterday. SPY was only down -0.1% for the day, despite the Equal Weight S&P (RSP) being down -0.9%.

VIX remains low, falling below the 13 mark this morning. Will it stay that way given volatility in Treasury bonds? 

For further analysis on volatility and the economic setup as a whole, tune into The Macro Show at 9am ET this morning.