No punches were pulled on The Macro Show this morning.
“You are reading an increasing amount of bulls#@t,” in the mainstream media, an unfiltered Hedgeye CEO Keith McCullough told subscribers.
“There’s a lack of data dependence and a lack of actual data to support their political opinions.”
The facts are on his side — U.S. economic data is accelerating.
Meanwhile, stock market bears continue to put forth false narratives about the divergence between “soft” and “hard” economic data. “Soft” data are supposedly measures like Consumer Confidence, which just hit a 16-year high. “Hard” data are releases like Retail Sales, Durable Goods, Capital Expenditure and Jobs Growth, which MSM says have been disappointing recently.
The whole narrative is a red herring. Retail Sales recently hit a five-year high, Durable Goods and Capex both accelerated for the month of March and Jobs Growth recently picked up for the first time in 23-months.
In The Macro Show highlight reel above, McCullough explains why, despite all the handwringing from Wall Street and the mainstream media, the market continues to head higher, even after this year’s 5.5% move in the S&P 500.