US equities opened in minor chop mode, with two notable new index historic highs in the Nasdaq comp' and R2K. There was a touch of weakness in the afternoon.
Volatility broke a new cycle low of 9.32, and settled in the upper 9s. A little burst to the 11/12s would not be a surprise. More broadly though, the key 20 threshold looks out of range for the remainder of the year. We've not seen a year without VIX >20 since 2005.
|A windswept November's late afternoon|
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For my American readers out there... Happy Thanksgiving. To the rest of you.... enjoy the day off.
Goodnight from London
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