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Volatility Index (VIX) 25.71

While stocks came under pressure overnight the move in the volatility index implied a lack of any real panic i.e. an orderly sell-off that was positioned for ahead of time. In Macro Monday’ our chart of the week showed the percentage of bears was soaring into seasonally weak September. Given the shallow pullbacks that have been the norm during this post covid bull market, it’s easy to comprehend why investors who were positioned for the move on the downside are covering or at least not seeing the need to put further bearish positions on. We believe this bearishness will provide fuel to the market when sentiment turns, a transition which we wouldn’t be surprised to see sooner rather than later.

The VIX is not yet signaling panic
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Volatility Index (VIX)
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