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Editor's Note: The following chart and excerpt are from today's Early Look written by Hedgeye CEO Keith McCullough. Click here if you'd like to say goodbye to lousy research and access some of the best around.

CHART OF THE DAY: Don't Go Chasing the Bounce With This Kind of Volatility | $VIX - zz dd 09.01.15 chart

...Volatility certainly has. And I’m not just talking about US Equity VIX ripping through 30 (again) this morning. Cross-asset-class volatility was a Phase Transition call we made in our 2014 Q3 (July) Macro Themes deck. So maybe that one is 12 months in!