Slope of Hope had a couple related posts that, juxtaposed, give us an alpha-omega of trader emotions.
First up, March 18:
VIX Peak Birthday
Exactly a year ago today, the VIX peaked above 85. God, those were good times.
In case you’re just waking up from the past twelve months, the VIX is now in the teens. Volatility and organic markets have been smothered under trillions and trillions of freshly-printed dollars in order to create the simulacrum of prosperity and good times ahead. Yeah, OK. Good luck with that....
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Which had been preceded (March 17) by:
Statim Finis
The bulls own this market now. The bears don’t have a chance. In a few months, we’ll be at 5,000 on the S&P.
Nah, not so fast. Allow a brief counter-argument.
First of all, the VIX is at the lowest level it’s been since Covid stormed the globe. We are closer to that price gap than ever before.
Tech stocks remain more vulnerable to weakness than the rest of the market. Keep an eye on that horizontal.
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