Appearances may be deceptive when it comes to US equities.
January has been one for the bulls so far with the S&P 500 rising nearly 5 per cent and equity volatility hitting a series of lows not seen since 2007.
At a reading of 12.59, implied volatility as measured by the CBOE’s Vix certainly suggests Wall Street’s “fear gauge” is hibernating for the winter.
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