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Hedgeye’s macro team has been bearish (and correct) on European equities throughout 2018, and the Euro versus the dollar since April. Both market calls were made well ahead of consensus.

On a recent edition of The Macro Show, a viewer asked:

Is it too late to start shorting both Europe and its major currency now that consensus seems to be catching up to our call?

Hedgeye Risk-Manager-In-Chief Keith McCullough explains that while investors have missed a portion of the move this year, there is still plenty of downside in Europe that will be expedited by secular and demographic headwinds.

“It’s a less contrarian position,” McCullough explains.

“But a less contrarian position doesn’t necessarily mean a less good position. Even though consensus has come my way a little bit, the ECB definitely has not come my way – a lot.”

Watch the full clip above for more.

Why Short Europe (Still) Makes Lots of Sense - early look