I’m out hiking

I’m out hiking

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Weak economic data ahead of first quarter GDP report tomorrow

Weak economic data ahead of first quarter GDP report tomorrow

Modestly disappointing economic numbers released today ahead of tomorrow’s report on first quarter GDP. Not that much seems to matter with the market transfixed by wrangling in Washington over a potential government shutdown, a possible Saturday vote in the House on repealing and replacing Obamacare and speculation just about everywhere on what President Donald Trump’s one-page tax cut proposal actually means

This is one odd market: How odd? Look at the SKEW

This is one odd market: How odd? Look at the SKEW

On one level the U.S. stock market makes perfect sense. The Standard & Poor’s 500 stock index is up 6.64% for 2017 and as you’d expect volatility has tumbled with the CBOE S&P 500 Volatility Index down 22.72% for the year. But another volatility index the CBOE SKEW Index is up 7.5% for 2017. How can two volatility indexes be giving such different pictures of the level of fear, nervousness, and expected volatility in the S&P 500?