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

Did AAPL hodlers hear about Apple Volatility (VXAPL) ramping to 50 on 5G yesterday? If you polled 1 MILLION Hoodies who own AAPL, what % of them would know what the vol of vol is, never mind signaling, on AAPL?

Apple Vol 50 is a big reason why #NazVol (NASDAQ Volatility) closed at 34.48 yesterday. I could have shorted QQQ yesterday instead of Tech via XLK. But I didn’t because QQQ is the Hedge Fund community’s consensus hedge against FAAMG longs.

The other big thing that went alongside Tech (XLK) signaling A) a lower-high vs. its all-time bubble high from back in AUG was B) an implied volatility DISCOUNT of -12% vs. 30-day realized. That’s uber complacent options pricing into earnings events.

CHART OF THE DAY: QQQ vs. #NAZVOL - CoD Price up  Vol Up