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Another day, another headline for process-less Macro Tourists grasping for the NextGreatCatalyst! to propel U.S. “stocks” higher. Today it’s political news in Hong Kong and the Hang Seng Index’s subsequent 3.9% bounce.

Got it.

Sorry to burst any Macro Tourist bubbles, but as Hedgeye CEO Keith McCullough points out in the clip above, Chinese markets trade on insider information.

Meanwhile, important economic data that actually matters to the markets – like the lousy ISM Manufacturing numbers released on Tuesday – slowed to a cycle low.

“Did you know the Chinese stock market was up for three days straight on ‘news’ that they were going to make Carrie Lam capitulate? The market was pricing in something in you didn’t know, then comes the news, then ‘bang,’ you bounce again,” McCullough explains in the clip above.

“ISM numbers are a disaster.

If you’ve been long things like Energy, Materials and Industrials throughout these orders crashing, what do you think these companies that report on this are going to say? They’re not crashing because of Hong Kong. Understand that. Our process can set you free.”

Watch the full clip above for more.

What's Your Catalyst? Macro Tourist Headlines Or Actual Data? - the macro show