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Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

CHART OF THE DAY: Allegedly Volume Matters - Market volume cartoon 07.22.2016

Away from more #slowing economic data (South Korean Industrial Production -2.4% year-over-year for JAN), the most important thing that’s happened in the last 24 hours is that both US and Global Equity Volatility has moved (and held above) the 30 level.

Simplifying the complex, VIX > 31 makes most, if not all, US Equity exposures uninvestable.

Uninvestable?

Not if you’re Warren Buffett. But if you’re at most hedge funds, you’re not allowed to have a 6% draw-down of your capital in a week, never mind the 12-20 plus percent some fund managers already just lost in the month of February.

CHART OF THE DAY: Allegedly Volume Matters - Volume Table