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?
Volatility collapses today–what do you do about that if anything?
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Volatility (and the VIX) might be a “buy” in the next few days
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Rising fear is showing up in other volatility measures besides the VIX
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We’ve moved to a risk-off market–for how long?
It’s a classic risk off market today as of 4 p.m. New York time. All the safe havens are up. The yen is ahead 1.2% to 109.65 to the dollar, breaching the 110 level for the first time since November. Gold is 1.73% higher to $1275.60 an ounce. The 10-year U.S. Treasury is up and the yield is down to 2.30%. And riskier asset classes are down. Modestly.
Volatility index VIX sets new higher high today
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VIX volatility index soars after Federal Reserve minutes released
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Yesterday this market tested its appetite for risk
Nothing happened to the VIX, the CBOE S&P 500 Volatility Index, at the close yesterday. What is sometimes called the “fear index” since it measures demand for hedges against a move in the Standard & Poor’s 500 stock index, closed at 12.38. That was just 0.08% higher on the day. Something big happened to the VIX, intraday.
Could it be? An upward trend in VIX volatility? Not investible yet, though
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Another down day for U.S. stocks–consensus still saying that’s a good thing
The consensus on Wall Street is, as it was yesterday, that this is a consolidation after a big run upwards in the market and that it is therefore a good thing. A slight dip in prices would form a base, the thinking goes, for a new leg higher.
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