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Takeaway: We warned you.

Rising global risk and fear rattled markets, body-slammed stocks and sent the VIX soaring up over 26% today.

Volatility Rips 26% Higher, Just as Hedgeye Has Been Heralding $VIX - VIX Chart

The macro team at Hedgeye has been banging the drum on volatility for weeks. As CEO Keith McCullough has said on more than one occasion recently, “volatility basically bottomed on July 7th around 10—it’s never held below 10, ever.”

In fact, this move in volatility was one of our top three quarterly macro themes. See below.

#VolatilityAsymmetry: Across global financial markets, measures of volatility are at historically-depressed levels. While low levels of volatility aren't necessarily a timely harbinger of financial market calamity in and of themselves, other signals - such as the economic cycle rolling over and pervasive complacency among investors and corporations - would seem to suggest we are well into the latter innings of this bull market.

Click below to watch the video on one of our top three quarterly themes #VolatilityAsymmetry: