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

We're Bullish On Oil Prices... But Do Not Chase - 04.26.2018 oil cartoon

Lets be clear folks...

If you’ve been long oil or energy stocks throughout the Quad 4 period you have most definitely had you rear end handed to you. I would now buy oil and energy at the low end of the range based on our call that inflation is going to accelerate in the fourth quarter.

Looking at the Crude Oil chart we can clearly see there was a big move today that had very little to do with any FOMO whatsoever. It has a lot to do with Iranian attacks, which you should expect more of. The latest reporting is that an Iranian tanker sustained damages after being hit by missiles that were launched from a Saudi Arabian port.

Actions like that will do nothing but aid and abet our bullish view on inflation accelerating. When you look back at this chart and the red circle you'll see the low!

The breakout and our bullish outlook for oil prices are by virtue of the math embedded in my Risk Range signal. We're bullish. So you buy it at the low end of the range, not with emotion or FOMO, but because the trend Risk Range signal is bullish. The low end of the WTI Risk Ranges is now a higher low of 51.72. It can go up a lot from here on pullbacks.

However, I cannot say this enough times. When prices go up, like Oil prices are doing today, we do not chase. At the top end of the range, we fade anything with FOMO.

Execute. Rinse. Repeat.

We're Bullish On Oil Prices... But Do Not Chase - 10 11 2019 12 24 22 PM