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

McCullough: "This Is How Your Morning Should Start" - 6 15 2020 10 15 05 AM

It seems like the Global Equity market doesn’t like itself.

There was a bullish trend in Japan for a couple weeks maybe?

Now look at Japan. It’s back to being the usual Japan, which is back to bearish trend.

McCullough: "This Is How Your Morning Should Start" - 6 15 2020 10 01 11 AM

This is called a big lower high. You draw the line back to the bubbly peak back in end of January and beginning February when we made that call.

I was wrong for a couple of weeks. Remember that?  But then I was really right. And now I’m really right again by not being long things like this. 

Even though there was bullish trend, there was no fundamental support for me to buy Japan.

So I didn’t. 

  1. Hong Kong continues to be in crash mode. It is down over 28% from where the cycle peaked.
  2. The Kospi (which is a pretty big index for most people that do Macro) was down over 4.8% last night.
  3. The French stock market broke down again, in fact it never even got to bullish trend!

McCullough: "This Is How Your Morning Should Start" - 6 15 2020 10 01 36 AM

Take a look. It’s down 22.1% from where it was in February after being down 6.9% last week!

This is how your morning should start. You should recap what happened last week, what is happening today, and then contextualizing it within the trend. Not "1 week trades" not "5 day moving monkey’s." Not anything other than what I call the trend which is 3 months or more. That's super important to be paying attention to.