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This is a complimentary excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here and subscribe if you're serious about staying ahead of the consensus herd.

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...As I look at what I call the downside of the “probable range” in Global Equity markets this morning, for the first time in my career I don’t think I want to be right.

McCullough: These Are Scary Levels - z caution

That’s a tough thing for me to write because the goal of the game is to be right. We’ve spent the last 7-8 years trying to evolve the Global Macro risk management #process to the point where many aren’t unprepared for this. Unfortunately, many are.

Rather than depress you with words, let me just show you the numbers my models showed me:

  1. SP500 has immediate-term downside of -8.3% to 1822
  2. Russell 2000 has immediate-term downside of -6.3% to 1080

McCullough: These Are Scary Levels - z 57