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

McCullough: Sectors Scorecard... Be Careful With "V-Shaped Recovery" Narratives - 5 12 2020 1 49 49 PM

Lets dig into sectors.

Look at the sector chart from yesterday. You can see eight out of the 11 sectors were down. Look at the left column where there are three things that are green.

And the best looking sector in green there is my favorite sector... Healthcare. How did I do that? I thought I was a perma-bear for life?

Obviously not.

Healthcare was up 1.72% and Tech up 0.66%. However Financials were down -1.93% and Industrials were -1.25%. There’s a divergence.

Eventually these sectors converge when economic gravity is not a “V” so be careful with your long exposures on that.

In particular the way to risk manage this is that you’re not buying things we like at the top end of our ranges. I did not tell you to do that.

At the top end of the range you’d be selling Healthcare and Technology, both are bullish trend and that's published daily in the Risk Range product.

McCullough: Sectors Scorecard... Be Careful With "V-Shaped Recovery" Narratives - 5 12 2020 1 47 36 PM