In this clip from The Macro Show, Hedgeye CEO Keith McCullough minces no words in his response to a subscriber asking about the VIX and equities rising simultaneously, and whether it’s a prelude to a crash.

“You don’t know how this one is going to end, because there’s never been anything like it before. But the dynamics are bubbly, to crashy,” explains McCullough.

McCullough: 'Bubbly To Crashy' Market Dynamics - risk ranges