- The average length of bull markets in the U.S. since 1871 is 67 months. With the current edition now at 68 months, October provided a sharp reminder that bull markets end, when they do, with a bang. For the moment, calm has returned.
- The S&P 500 closed at all-time highs on nine of the past 14 trading days, and volatility measures have been completely crushed. The VIX is down by a third compared to a month ago.
- The CBOE Crude Oil Volatility Index (33.14) reached its highest level for over two years during the month. Crude oil has fallen from over $105 to less than $75 per barrel since June.
- Unlike the equity markets, credit spreads have not recovered their levels of a month ago. High yield spreads in particular remain relatively elevated in comparison to recent history.
FTSE Mondo Visione Exchanges Index:
S&P DJI Commentary Market Attributes: Risk & Volatility Index Dashboard
Date 20/11/2014