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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: Stock Market Crashes In Europe - 10 21 2020 12 21 09 PM

Take a look at what is going on in Europe.

It is ugly.

We have resumed a stock market crash in France. Currently down -1.3% to -1.4%.

McCullough: Stock Market Crashes In Europe - 10 21 2020 12 18 24 PM

Same thing in Germany.

We reiterate that the Germans are indeed in #Quad4. We did not make a call that the Category 4 Economic Hurricane hitting Germany went away.

In fact it is getting worse in rate of change terms. 

McCullough: Stock Market Crashes In Europe - 10 21 2020 12 18 53 PM

But it is indeed sunny in America when you are long of #Quad3. Why? Because you can be long when inflation is accelerating and real growth is slowing!

Don’t forget this is why the U.S. Stock Market hit an all time high in August. We were in Quad 3 in Q3.

That meant that Commodities joined forces with the five stocks everyone owns, causing the Index go higher because it was a broader based piece of participation.

It’s not that complicated!

What is complicated for people having the flexibility and the humility to change their position in real time.

It never has to be a certain Quad, and in this wild year called 2020 we have had a couple different flips.

But I am very comfortable flipping when I know why I change my positioning.

With commodities going higher and the dollar going down, it makes it an even easier call to say we are having a #Quad3 day this morning.