Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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From a Vol of Vol perspective, here’s how my patient process scores US Equity Volatility this AM:
What’s been interestingly but not surprisingly consistent in 2021 is that every (monthly at this point) Volatility Spike we’ve experienced in US Equities has resulted in a lower-high at the top-end of my Volatility Risk Ranges. I always get asked about when volatility is going to breakout for real. I rarely get asked about when it’s going to hit new Cycle Lows. Why? A: human nature. Consensus remains net SHORT of SPY, IWM, etc. don’t forget. |
