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

VIX – my vol of vol TREND signal proved to be prescient again – on its short-term breakdown through TREND = 26.01, equity beta went to the moon… and on its breakout through 26.01, well, we saw how the new bull market hoodies were “feeling” at VIX 40; yesterday was a buy/cover day for US Equity Beta with SPX testing what was the low-end of my Risk Range (2995)

We did see bears in Tennessee. And I’ve lived through plenty of bear market bounces. But there’s never been a broad-based and trending (3 months or more) “bull market” in US stocks with the VIX in a trending Risk Range of 26-86. Never is a long time.

CHART OF THE DAY: VIX > 26.01 ≠ Bull Market Signal  - Chart of the Day