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VIX – Volatility Index Hits Key Level

The VIX volatility index – a measure of fear in the market – has crossed the 40 level. The last time this happened was after the September 11th terrorist attacks.

Extreme levels of fear generally provide a turning point for markets and point toward higher returns.

This is a good technical sign for what the market action might look like going into year-end. Maybe a rally led by the most oversold sectors, financials and commodities? Stranger things have happened.