Below is a brief excerpt transcribed from Monday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.
In case you didn't notice, there was essentially zero follow through in global equities this morning after the S&P 500 and the Nasdaq closed at all-time highs.
This whole FOMO-chasing thing is something uniquely American. It doesn’t matter if it happens to be month-end mark-ups or year-end markups. After years of being surrounded by the Old Wall establishment and its media, you can clearly see that FOMO is a career risk management chase that wholeheartedly disagrees with the data and what is happening broadly.
The evidence is in your face.
- Singapore stocks were down overnight
- China didn’t bounce
- No follow through in the Hang Sang
- The KOSPI is still confirming bearish trend
- So are bond yields.
- Copper failed too
What else do you need to hear?
There were so many different things that I call divergence that were signaling opposite this morning. They are divergent versus the SPY and all the FOMO.
It's critical to do your work and call that out when you see these indicators.
Don’t chase the bait. Fade the FOMO.