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

Let’s say the probability continues to rise that we have another #Quad4 Deflation & Volatility event. In that scenario, what Powell Tools are left to get #NazVol to break-down through 31 again (like it did back in May)?

A: Buying Stahks!

As a reminder, there is no such thing as a Levered Long NASDAQ (TQQQ) Bull that survives buying what are not “dips” when #NazVol ramps from 30 to 35 … and then stays above 35, heading higher from there.

During the final capitulation of our #Quad4 in Q4 risk management call of 2018, #NazVol took a Christmas eve peak at 40, then Powell Tools came out faster than my uncle in his Santa Suit when I caught him doing shots in the bathroom in 1979.

But can PE Powell do that right before one of the most emotional elections of our generation? Can he really buy the NASDAQ, if its down 7-15% from here? Asking for some levered long Hoodie and Hedgie friends…

CHART OF THE DAY: Is The Breakout In #NazVol Signaling Quad 4? - Chart of the Day