Hedgeye CEO Keith McCullough isn’t losing sleep over Moody’s downgrade of U.S. sovereign debt, dismissing Monday morning’s negative market reactions as mere "macro tourist clickbait."
On The Macro Show this morning, McCullough advised investors to remain calm—and even optimistic—in the face of alarming media headlines.
"Don't get upset about it," McCullough said.
“Actually, get really excited about it this morning. You should be really excited. Because there's a lot to do on this.”
McCullough pointed out the disconnect between mainstream media headlines and actual market signals, specifically calling out Moody's role:
"The next time anybody tells you Moody’s is the forward-looking indicator for markets…what it is, is it represents everything that we've been talking about, the manifest manifestation of the machine. AI, click bait, macro tourism."
Despite recent bullish signals in the dollar marked by a four-week rise, Hedgeye remains strategically short.
McCullough acknowledged the short-term bullish signal, noting, "Four straight weeks makes it immediate term trade bullish," but also emphasized that "on the trend...the dollar’s been down in the last three months versus the euro on the order of 6.2%."
"We're guided by the signal," he said.
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