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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: Fade The FOMO - 5 19 2020 12 57 11 PM

You got double the FOMO in the USA. There were the vaccine and then PE Powell on 60 Minutes.

Then the executives at Moderna sell into it. You could not make that up if you tried. There’s a reason why they called it a Phase One trial. President Trump probably loved that. Notwithstanding, that’s what got people excited. But, I think the Europeans got up and said “Oh man, ew.”

If it was really a worldwide vaccine about to be distributed to all human beings, wouldn’t Europe benefit from that too?

Evidently not.

So you see what happened in Europe now that they took off the short selling ban. That's a problem. But the bigger problem is that their economy continues to be in a recession.

Remember, they don't have Jim Cramer pumping up stocks in Europe.

Look at the French 10 Year Bond Yield went to -0.03%. At the same time you see the stock market France, which has been a bloody dog, was down around 6% last week. Then it bounced. That’s called a bear market bounce. Then it goes back down again like this morning.

Those are bear markets. If they weren’t bear markets they wouldn’t have the big bounces.

Bull markets just go up. They correct to the low end of the range and go up again (like Gold and Treasuries).

Just understand that when you look at the world, that you look at global interest rates, the worlds stock markets, commodity markets, and you’re not just sitting there staring at your own FOMO.

McCullough: Fade The FOMO - 5 19 2020 12 57 34 PM