Fear yawn

Tuesday 5 August 2025

The Market Ear on is that all?

Quick fear

The latest move higher in VIX (including today’s “reset” lower) shows you that the reaction in VIX has been rather fearful. The short term “gap” between SPX and VIX (inverted) is wide.

Source: LSEG Workspace

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.