This morning looks like a bit of follow through selling following yesterday’s close. In our midday post yesterday we highlighted how strange it was the S&P 500 (SPX) was up over a percent yet the CBOE Volatility Index was up 5%. Clearly, the VIX was sending a message given the late day weakness in the mega-cap stocks and the near 15% jump in the VIX. Again, we don’t think the weakness is because of California shutting areas due to Covid-19 because the “stay-at-home” theme is the one under the most pressure this morning as the banks hold their own after some key EPS releases.
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