The CBOE Volatility Index (.VIX) is up 1.39 to 19.44 and not far from session highs (19.52), as the major averages suffer a third loss during the past four trading sessions. The S&P 500 Index is now down 62 points, or 4.4 percent from Mondays high of 1,440. During that time, the VIX has rallied from a low of 15.8, or 23 percent. While record high crude oil prices are being blamed as the primary catalyst for this weeks increase in risk perceptions, ongoing worries about the financials (see /color LEH) and uninspiring economic news also served to trigger a round of profit-taking after a two month 14.5 percent gain (3/17 low to 5/20 high) in the S&P 500.
Category: All Indexes
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Frederic Ruffy is a well-known trader, writer, and strategist who has spent years educating investors and creating intelligent, insightful, unbiased market observations that are frequently cited by the Wall Street Journal and other financial publications. As senior analyst, Fred provides frequent and regular notes and daily updates for activity of interest.