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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: Phase 3 → Disaster - 6 23 2020 10 45 09 AM

Take a look at Senior Macro analyst Darius Dale's Daily Macro Data Dump this morning

We got a lot of green here!

McCullough: Phase 3 → Disaster - 6 23 2020 10 43 42 AM

This is a great example of going from the worst the numbers EVER, to being “less bad.”

Look at the Eurozone PMI number at 46.9!

That number is less than 50, so that means the economy is in a contraction. Most importantly the German number is 44.6, because that is the biggest component in it.

Darius did a good job in this macro presentation outlining Phase 1, to Phase 2, to Phase 3.

Phase 1 is the big depression and swan dive.

We then go to Phase 2. That's the bounce (which is probably already priced in).

Then into Phase 3 which is what happens to these Eurozone PMI’s from here.

Could they go back to 35? They absolutely could.

I think we're going to realize that these things now core to the bull case are not positive for companies.

Look at something like Industrial Production growth which was recently -15.3% on a YoY basis.

That’s a disaster and one of the worst numbers in its history! Keep that in mind.