Market indexes dropped in volatility and price this week which should tilt me to be bullish. With the $VIX still above 45, it is still very volatile out there. I am not a big $VIX follower, but being aware of the VIX trend in this elevated environment can be informative. The difficulty is the market was down 7.5% off its recent highs and the $VIX was still falling.
Market indexes closed lower as Microsoft and Apple pulled back. With the Nasdaq down 2% on Friday, it would appear that the technical correction is starting. This week the trend line on the Yen broke, following the Euro’s breakdown last week. With currencies changing, I watch for changes in the equity markets.
Market indexes were crushed. Period. In equities, the $SPX was down 12% this week. Everyday was another selling day coming off the options expiration Friday. Whoosh. The carnage had the most scale in the high fliers club and the previously weak groups like energy. Some of the names were down 30% off the highs.
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