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

McCullough: No "V-Shaped" Recovery In China - 6 4 2020 1 00 13 PM

Let’s talk on China.

It’s big part of what’s been ignored here, if only because there is so much FOMO and noise about the Fed.

We’re going to have Biden and Trump fighting China, and have the Chinese fighting the Chinese internally when it comes to the people rising up within the first recession that the Chinese have had in the modern era.

We also have the Chinese stock market which didn’t follow U.S. FOMO overnight.

Just look at the Shanghai Composite Index.

McCullough: No "V-Shaped" Recovery In China - 6 4 2020 1 00 46 PM

It’s pretty classic. The third bear market bounce. Every single circle on that chart is another lower high.

What does that tell me? It says that risk is on from a global demand perspective.

It’s one thing to expect a V-Shaped recovery because you’re looking at a bunch of U.S. Equity charts until companies have to report their earnings reality.

It’s entirely another thing if it’s a global recovery.

Very few firms have nailed China like we have in both the equity market and how it relates to the rest of the interconnected Global Macro system. That’s something to definitely pay attention to.