Below is a brief excerpt transcribed from Tuesday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough.
We have an unbelievable amount of FOMO that has developed into the marketplace today and you can see that across the board.
Yesterday's volume was down-11% day-over-day!
And what was particularly interesting about the volume was that it came in conjunction with the two sectors that had been the best place to be, that were down.
Look at the board. You’re getting exhaustion on the winners and people are trying to buy the losers. This happens 100% of the time in a bear market.
You’ll have people freak out and say “Oh no! It never was a bear market. I've got to buy those!” And how many times does this reverse?
A lot. You didn’t see me short anything at the sector level yesterday because we can get higher at the top end of the range.
I do care about timing for my chance to start getting aggressive.