In this clip from The Macro Show, Hedgeye CEO Keith McCullough warns investors of the incredibly challenging environment ahead with S&P 500 volatility north of 30, now inside what we affectionately call the "f*@k bucket."

In other words, batten down the hatches.

"Show me how many money managers have done well in the space of 25 to 35 or 40 VIX. The only thing you can do here is get some experience," McCullough says. 

"Many experienced bulls and bears don't know how to trade this. This is a really important time to just know that you don't know, and I don't know. But we do know that we have three regimes of volatility, we have entered the third - which we have appropriately labeled with an 'F' - and it's just going to be tough."

McCullough: Volatility Enters The 'F*@k Bucket' $VIX - macro themes