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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: Volatility Clusters: Respect The Signal - volatility cartoon   3

Dollar Up, Everything Down. Yep.

That signal was as clear as the sun rising in the East late last week. That’s when US Treasury Bond and Gold Volatility started to look like Global Equity Volatility. When all of that Vol is in the same Phase Transition, the right risk management decision is to raise Cash.

Q: If central-market-planners can’t do it, who’s going to knock Volatility back into a volatility bucket that makes assets investable?

A: No one “person” with the next big “plan” will. Time and space will.

CHART OF THE DAY: Volatility Clusters: Respect The Signal - CoD  10Y TSY Vol