30 Day Volatility as measured by the VIX is getting smoked today down more then 8.25%. A lot of this can be attributed to options expiry, but after closer inspection, you will also notice that 3 month Volatility as measured by VXV is only down 3.4%.
I can only say that the VIX only looks at 30 day volatility, which most people are selling into, yet 3 month Volatility is not down as much. Maybe people are positioning themselves for a likely correction in September?
Just making a guess.
I think what you an surmise from this is just that any type of serious correction only happens after labor day, like last year.
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