Editor's Note: Below is a brief excerpt and chart from today's morning strategy note written by Hedgeye CEO Keith McCullough. Click here to subscribe and access the whole thing.
...Both levels and liquidity will matter most this morning. At 2AM EST, European Equity Futures had both the German DAX and French CAC indices down around -5% - four hours later, they were “off the lows” at -3%.
But unless you can contextualize risk (price, volume, volatility) across multiple-durations and cycles, what precisely does down -3% or -5% (or US Equity Futures down 35 or 22 handles) actually mean?