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

For those of you who are getting this note free this morning (we gave a 1-day All-Access Pass to The People so they can at least consider preserving and protecting their hard earned capital at a particularly important time in The Cycle):

A) We thought Small Caps and Story Stocks would continue to crash if the Fed made a Policy Mistake (they did)
B) We still think our former #Quad2 Longs (including Small Caps!) like Bitcoin and Ethereum will keep crashing
C) The VASP Signal is suggesting that the NASDAQ is the next major index to crash

What is a crash? It’s when something goes down -20% from its Cycle Peak and you need to be up +25%, from there, to get your money back to break-even.

CHART OF THE DAY: Crash Conditions Rising - vsp