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Oil has crashed over 30% since the beginning of October.

That said, it’s nowhere near time to become a contrarian and start buying it, explains Hedgeye CEO Keith McCullough.

“I don’t buy anything that has volatility that looks like that,” McCullough says in the clip above. He’s referring to the oil volatility index (OVX), which has been dancing between 35 and 65 for much of November.

“Being a contrarian is being an idiot in this case,” he continues.

“Being a real contrarian would be when oil’s volatility breaks down through 30 and there isn’t a fundamental outlook like Quad 4 [growth and inflation slowing] that supports it.”

Watch the full clip above for more.

McCullough: 'Being A Contrarian Is Being An Idiot' If You're Long This - the macro show