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

McCullough: Fade Wall Street FOMO - 7 10 2020 12 07 43 PM

Yesterday the Russell 2000 resumed its stock market crash.

You can call it a crash. You can call it a drawdown. Or you can call it both.

When you think of a crash it is something that goes down 20% or more from its cycle peak.  And when it’s a broad equity index, broad commodity index, or broad “anything” index, then that’s a certified trainwreck.

McCullough: Fade Wall Street FOMO - 7 10 2020 12 08 20 PM

You’d have to be up 25% to get back to break even and of course is where you were making bad asset allocation decisions.

But if you aren’t into that, and don’t like talking about crashes because you have a different narrative because you are looking at the 5 stocks that constitute the 40% of the NASDAQ (by the way, we’re long those) that’s fine too.

If you go to June 8th when I told you that the probability went straight up that we'd resume the stock market crash of 2020, the Russell has gone down 9% from there!

9% IS A LOT.

If you bought it there you’d have to be up 10% to get back to break even.

These are the problems with the Old Wall and their FOMO. We have the competitive advantage, and what you want to do is to keep with the process.