Editor's Note: This is a brief excerpt and chart from today's morning strategy note written by Hedgeye CEO Keith McCullough. Click here to learn more about how you can subscribe.
...If you thought US stock market volatility and/or 2% down days were going away, you probably weren’t setup for an alpha generating day yesterday. To put that -2.1% drop in the SP500 in context:
- It was the 1st > 2% down day since October 9th, 2014
- There have only been 5 down days of > 2% in the last 2 years
- There were 20 > 2% down days in the JUN-DEC period of 2011