Being in the rarefied air of all-time highs understandably makes many investors nervous. But as Hedgeye CEO Keith McCullough explained Monday morning on The Macro Show, heading into year-end is not the time to get squeamish. He points to the Thanksgiving week numbers as evidence.
“Being defensive was horrible last week,” McCullough says in the video below. “Last week, I hope you ate a lot of food and you were aggressively positioned.”
McCullough cites the recent bearish moves for bonds, gold, and utilities. It suggests growth will continue to be the big story for the U.S. stock market heading into 2018.
“I understand. Everybody and his brother want to know – where’s the top?” he says. “But you have to empathize with why the bulls have been making so much money this year—because they’ve been purely data dependent this year.”
Watch the video above for more.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.