Keith McCullough Warns Nasdaq Volatility Could Push the VIX Into the 30s

Hedgeye CEO Keith McCullough () reportedly shorted the Nasdaq 100 ($QQQ) one day before the index plunged 6%, its worst single-day decline since March 2020.
On The Macro Show, McCullough said Nasdaq volatility had increased from 38 to 42, placing it in the highest-risk category of his three volatility buckets.
He argued that a move in the VIX ($VIX) into the 30s is a matter of when, not if. With the upper end of his VIX Risk Range at 31.53, he said such a move should not come as a surprise.
McCullough also rejected the idea that a VIX reading of 32 represents value, comparing it to saying, "I like it when I get in a car accident."
His broader warning: "Risk happens slowly, then all at once."