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Today’s bounce back was in line with the stats we posted
yesterday, but the gains and trading were uninspired. What stuck out was the 4%
drop came with VIX below 30 all day. Never happened before.
Since 1990 when VIX data began S&P 500 had 42 daily
declines of 4% or more. Only 8 had a VIX print below 30 and zero that did not
have a print above 30. 7 of the 8 opened below 30 and one hit a low below 30 intraday.
VIX was below 30 all day 9/13/2022.
October 27, 1997 Asian contagion mini crash, February 5,
2018 inflation fear selloff and June 11, 2020 Covid second wave scare were one-offs.
The rest were just the beginning of trouble. Triple Witching, end Q3, Fed decision,
September’s bearish history, Octoberphobia, midterms could make the comps between
now and then a little fuzzy. But September 15, 2008, was also Monday of Triple
Witching Week – and that brings in the scary 2008 analog into play, but that’s
for another day.
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Image and article originally from jeffhirsch.tumblr.com. Read the original article here.