STRATEGIST: 'I find it impossible to look at these moves and want to take significant risk'

Villarrica volcano

(REUTERS/Cristobal Saavedra )

Markets are rocky.

And in a morning note on Tuesday, Peter Tchir, a strategist at Brean Capital, writes that nothing in markets looks particularly stable or particularly attractive right now.

"I find it impossible to look at these moves and want to take significant risk (long or short)," Tchir writes.

In his note, Tchir highlights some of the biggest moves we've seen in global markets over the past 48 hours, noting that Chinese stocks in trade on Tuesday rose 11% from their overnight lows after dropping 20% in just two weeks.

Among other wild moves on Monday was a more than 12-point drop — or 25% — in Greek bonds, while Puerto Rico bonds "outperformed" by dropping "just" 11% on Monday.

In short, a wild day. And the problem, as Tchir sees it, is that these moves are all more or less disconnected. "It isn't 'just' Greece that we need to watch out for," Tchir writes. "There is danger on many sides, none having anything to do with anything else. The 'attack' on risk is coming from unusual places."

Tchir adds that while US futures and Treasurys are higher Tuesday morning, he would view any "bounce" as a chance to sell or simply stay uninvolved.

"I remain in risk-off mode," Tchir writes, "which makes me wrong for the moment, but with this level of volatility, that can change dramatically and in a hurry."

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