US equities opened moderately lower, and saw a morning low of sp'2381. There was then a rather standard latter day recovery.
Volatility popped to the low 11s in early morning, but as equities recovered, it naturally cooled back into the 10s. Any price action >12 looks out of range, as the US capital markets are supremely confident about the mid term.
Were YOU spooked?
I ask, because reading around just a little, if you didn't know the actual equity declines, you might have guessed we were net lower by 2-3%. There is still some truly bizarre bearish hysteria (from the usual sites) on even minor/moderate down waves.
It remains the case that most have near ZERO balance on what is going on. Most have ZERO perspective on the grander picture. I continue to endeavour to provide a broad and balanced overview (not least via my monthly post on other world markets), but I fully recognise... many of you simply don't want to hear it.
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