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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: Bear Market Sector Performance - 11.14.2019 FOMO elixir cartoon

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!

McCullough: Bear Market Sector Performance - 6 2 2020 2 00 13 PM

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.

McCullough: Bear Market Sector Performance - 6 2 2020 1 59 45 PM

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.