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

McCullough: The REAL Bull Market Is Not Equities - 5 8 2020 9 55 06 AM

Look at the 2 Year Yield!

People struggle with what is and what is not a bull market. Look at the 2-year yield.  

McCullough: The REAL Bull Market Is Not Equities - 5 8 2020 9 53 03 AM

Now if you look at the stock chart of SHY you can clearly see that it's a bull market for bonds.

McCullough: The REAL Bull Market Is Not Equities - 5 8 2020 9 53 26 AM

What is a bull market? Well it doesn’t go down 20% at a time. And, if you're long bull markets, you don’t need to get down on your hands and knees and beg and plead for the government to resuscitate it.

For the record, we’ve been long SHY since that bull market started. The peak of the U.S. economic cycle was at the end of 3Q 2018. That’s when the 2-year bond yield peaked with a three handle on it!

Now, according to CNBC, this morning's jobs report was supposedly "better than expected." You could only make that up on CNBC.

This is exactly why we are entering phase 2 of the bear market for equities and bull market for bonds. No one on CNBC got you out in February when the market peaked at full employment. Now, you should buy stocks because the jobs report was "better than expected" even though 20.5 million jobs were lost and the Unemployment Rate spiked from a 50-year low to a 90-year high. 

To call that "better than expected" is a new level of Macro ignorance.

McCullough: The REAL Bull Market Is Not Equities - nfp7  1