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Below is a brief excerpt transcribed from Tuesday's edition of The Macro Show hosted by Hedgeye CEO Keith McCullough

McCullough: Volatility ↑ Volume ↓ = #Quad4 Outlook  - 10 13 2020 10 28 39 AM

Something not so funny happened on the way to the forum yesterday, where some people were chasing charts and buying call options.

You had Volatility rising with Volume falling, at the same time as the NASDAQ was signaling immediate term trade overbought with an implied volatility discount of -12%.

Take a closer look.

This is the volume.

McCullough: Volatility ↑ Volume ↓ = #Quad4 Outlook  - 10 13 2020 10 44 08 AM

And this is the implied volatility discount.

McCullough: Volatility ↑ Volume ↓ = #Quad4 Outlook  - 10 13 2020 10 44 30 AM

And you are at the top end of the range!

Even if you didn’t believe in #Quad4, why wouldn’t you be selling some Tech here?

I haven’t outright shorted Tech (XLK or QQQ) yet (I shorted Google yesterday), but systematically you can get to where I get, if the NASDAQ gets to green sometime today.

We are still setting up for Quad 4 indeed, and I know lots of people don’t like that. We are going to dive deep with this further in out Investing Summit which starts today!