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Takeaway: This equity market is as complacently positioned as I have seen it in six years.

Equity volatility starting to look primed to breakout into 2014.

After making a series of higher-lows since August, front month VIX (volatility) broke out above our Hedgeye TREND resistance of 14.91 yesterday.

Fed confusion is going to breed contempt.

Seen the $VIX Lately? - VIX

This equity market is as complacently positioned as I have seen it in six years. Yesterday’s II Bull/Bear survey hit a fresh year-to-date high of +4390 basis points to the Bull side!

Editor's note: This a complimentary excerpt from Hedgeye CEO Keith McCullough's research this morning. Click here for more information on you can subscribe to Hedgeye research.