In still say that 2023 will be about pricing power, or lack thereof, for equities. But, for now, it is fear disappear as the market bids in the rear vision mirror.
Last time VIX was here…
Expect to see a few of those calls soon, but they are wrong. Volatility is mean reverting, while the underlying assets can trend. Anyway, the VIX is puking further today and could be closing at the lowest levels since April 2022. Second chart shows the slightly shorter term view. The gap between VIX and SPX that started forming in mid December remains wide as people “suck fear” out of this market.