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

McCullough: Watch The U.S. Dollar - 6 3 2020 1 32 07 PM

I’m pretty sure this is the 1-factor model that’s driving The Machine. It’s not just the FOMO.

It’s the Dollar Down.

I know everyone at home in a "Robinhoodie" account trades on a 1-day duration, but the 15-day inverse correlation between the dollar and the S&P 500 is super short term.

Still, the inverse correlation is -92%. That’s wicked high! At 92% everybody is a winner if the dollar keeps going down. However, we’ll have to see if this continues.

If it continues, the S&P 500 is bullish trend.

If it doesn’t continue, that’s the other thing.

McCullough: Watch The U.S. Dollar - 6 3 2020 1 06 36 PM