Below is a brief excerpt transcribed from today's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.

China Trade Deal "Progress"? Fade That FOMO - cnbc hedgeye cartoon

Ladies and gentleman, we’ve had a “Great Deal” in the works with China going all the way back to December of last year. And I hear rumblings that folks are saying that it's finally coming to a close!

Excuse me?

There is no deal.

We know that, and we’ve told you time and time again.

But then the damnedest thing happens. The people staring at CNBC day in and day out, chasing the Larry Kudlow FOMO futures keep losing their money. But you stick with the #process and keep winning when you fade that FOMO.

Just look at the KOPSI. What are people in Asia (who are way closer to the Chinese story than you are) looking at? They are looking at this mess. It’s terrible. The KOSPI is like copper. It is a leading indicator. You should be analyzing it to fade that trade deal FOMO. Evidently Dr. KOSPI isn’t long of Kudlow's “trade deal progress” spots at CNBC.

“Stocks” in South Korea dropped another -0.9% overnight. Taiwan was -1.2% and Hong Kong only +0.1% on the “bounce”, taking the KOSPI’s #crash to -21.2% since The Cycle peaked (in Asia) in Q1 of 2018. That's not a sign of progress anytime soon.

Sticking to that process pays off.

China Trade Deal "Progress"? Fade That FOMO - korea