McCullough Warns of a Third Major Market Bubble Peak in 2026

Hedgeye CEO Keith McCullough says 2026 marks the third major all-time-high bubble cycle peak, following the peaks of 2000 and 2007.
“Lower highs, big lower highs within Bearish TRADES and Bearish TRENDS is how it starts,” McCullough said on The Macro Show.
High-beta momentum has plunged from a 70% gain to a 15% loss, which McCullough described as “one of the most epic factor crashes in the history of factors.”
Meanwhile, a basket of stocks with high retail investor sentiment has fallen from a 22% gain to a 14% loss.
“People are getting rinsed,” he said.