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

FedEx Earnings → Bad Signal for Transports  - Earnings cartoon.spare  2

I haven’t made a call on Transports (IYT) up until now.

The reason being is that I wanted to see it make a series of lower highs. I also wanted to see it at the top end of the range.

Just like NFL RedZone, here at Hedgeye we only show scoring opportunities. And just like Japan and Germany, these other big cyclicals made lower highs.

Look at the FedEx chart below. Look it where it peaked! The same place Japan and Germany did.

FedEx Earnings → Bad Signal for Transports  - 12 18 2019 11 16 12 AM

“But macro data doesn’t matter anymore Keith because it’s all about Fed Liquidity,” says the clueless Twitter guy.

Eh, no. Actually, if you bough FedEx at the peak of that chart you’re down about 45-50%. You’ve had multiple chances to get sucked into lower highs above the 50-day moving monkey or not.

Pay attention out there.