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A new subscriber asked a good question on a recent edition of The Macro Show:

Why does Hedgeye like energy if the sector posted -38% y/y earnings growth in the third quarter?

As Hedgeye CEO Keith McCullough explains in the clip above, what we care about most is the Rate of Change (ROC). In other words, where is a sector coming from? And where is it going?

“A number that goes from really negative, to then less negative, and then positive – now that is a rate-of-change long. That’s energy,” McCullough explains

"If you bought it when earnings were at their most negative in the first part of 2016…and it went from minus-109.6% to minus-81.6%. That is rate of change positive.”

Watch the full clip above for more.

Why Do We Like Energy? Rate Of Change - real time alerts