Below is a brief excerpt transcribed from Friday's edition of The Macro Show hosted by CEO Keith McCullough and Director of Research Daryl Jones.

McCullough: All-Time Highs → Feed the Ducks - 2.5one

All-time is a really long time.

Yesterday was the all-time high in the SPY, the NASDAQ, the Russell – that’s a trifecta.

That’s what happens in #Quad2. If you puked in Quad 2, that is not good.

That’s like what happened last week, where hedge funds de-grossed during the biggest drawdown of the last half decade.

McCullough: All-Time Highs → Feed the Ducks - 2.5ivol

What’s interesting on SPYs is the Implied Vol premium, which was maybe the best one to buy into ever at +109%, has gone to +6% this morning.

Playbook move here – we're on the heels of another Rate of Change acceleration in #Quad2, whether it be Durable Goods, CapEx, Jobless Claims; even the Unemployment Rate got better in Rate of Change terms.

McCullough: All-Time Highs → Feed the Ducks - 2.5claims

What’re you doing? Chasing what Hedgeye bought a lot lower?

No, feed the ducks.