Milk Road Macro US-Israel Strike on Iran: What It Means for Global Markets & Oil Prices w/ Keith McCullough
Mar 3, 2026
Keith McCullough, founder of Hedgeye and macro strategist, joins to unpack market moves after the US-Israel strike on Iran. He discusses oil’s breakout, gold and bond trends, the GIP framework and stagflation signals. Expect talk on AI’s disinflationary potential, crypto flows, and which assets may win or lose as policy pivots.
AI Snips
Chapters
Transcript
Episode notes
Short Software Until Revenue Growth Reaccelerates
- Short software until companies reaccelerate revenue growth, because price drops are driven primarily by slowing revenue rates.
- McCullough cites Salesforce, Workday, and Adobe as examples where decelerating revenue underpins share declines.
Institutional Flows Helped Top Bitcoin Not Stabilize It
- Institutional adoption of Bitcoin brought massive flows that created a top rather than a sustained buy signal.
- McCullough warns Wall Street's risk‑management and ETF structures invited epic chasing and magnified the subsequent crash.
Only Trade ETH When The Signal Turns Bullish
- Trade Ethereum only when your signal shows favorable price, volume, and volatility rates of change.
- McCullough emphasizes he follows his signal rather than narratives about tokenization or agentic economies.