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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: What Do Germany & The U.S. Have In Common? #Quad4 In Q4 - 10 14 2020 1 58 50 PM

Here is a #Quad4 in Q4 position for you.

Dollar up, Bond Yields down, and Financials getting smoked.  

There was another thing getting smoked this morning too. If you don’t pay attention to Global Macro in Rate of Change terms you wouldn’t have seen this, but the German 10 Year Bund Yield was breaking to a new 3-4 month low.

The only lower low that is below this one was the massive drop we saw back in March.

McCullough: What Do Germany & The U.S. Have In Common? #Quad4 In Q4 - 10 14 2020 1 59 48 PM

Now if German Bund Yields are going to -0.8 or -0.85, where do you think that the 10 Year Yield in the U.S. is going to go?

The 10 Year Yield this morning is down to 71 basis points in the U.S. So for the third time, you could bet against the crowd on U.S yield curves steepening.

McCullough: What Do Germany & The U.S. Have In Common? #Quad4 In Q4 - 10 14 2020 1 59 15 PM

Look at those circles! Winner, winner, chicken dinner.

Germany and the U.S. have one thing in common; a #Quad4 probability rising for Q4. Don’t forget that.