Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. 

What are the 3 Buckets of Volatility @Hedgeye?

A) Investable Vol Bucket (i.e. Captain Stock Picker “feels” good, buy-the-damn-dips, etc.)
B) The Chop Bucket of Volatility (i.e. when the VIX is in the high teens to high 20s)
C) The F Bucket (that’s where market prices crash)

CHART OF THE DAY: The 3 Buckets of Volatility @ Hedgeye - chop1