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

Who knew you’d have a chance to make what I call “the turn” yesterday? That’s when you go from net SHORT to net LONG and start pressing the table for the pot. There be some Gold in that pot too, eh!

We’re not playing poker at the Golden Nugget. Our odds of saving & making money are much higher using a volatility adjusted risk management overlay to our Full Investing Cycle #process. And “the table” is ye Olde Wall.

BREAKING: Mike at Morgan Stanley says NASDAQ could drop 20% towards 200-day Moving Monkey

AFTER a -12% drawdown (where he was writing about V-Shaped recoveries)? Thanks for coming out, bud. No offense, Mike (you’ve had some great calls) but I think the last time I used a simple single-factor 200-day was, like, 20 years ago.

CHART OF THE DAY: Have A Risk Management Framework - Chart of the Day