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Takeaway: Keith is ready to short the S&P 500 and buy bonds. As far as Facebook goes, there's only one way to go: down. $FB $SPY

Hedgeye CEO Keith McCullough appeared on CNBC’s Fast Money Halftime Report today to discuss Facebook (FB) stock, which hit all time lows. Keith is bearish on the stock, noting that market momentum will continue to drag down shares. “Don’t catch a falling knife," said Keith. Wise words.

Also discussed was shorting the S&P 500 (SPY). We think the time is right to short stocks and buy bonds. The correlation with stocks and volatility brought the discussion back to March, when the VIX was between 14 and 15 and the time was right to short the market.. Again, with the VIX this low, a reversal in equities seems imminent.