Markets Stage Reversal After Broad Sell-Off, Risks Remain But Epicenter Holding Up Well
Sep 24, 2021
• 6
Min Read
Key Takeaways
- S&P 500 closed at 4,455.48 up from 4,432.99 last week. The closing level this week is within a few points of the close two weeks ago.
- Monday saw a vicious sell-off with an intraday low of 4,305.91. Markets closed up 3.4% from that level on Friday.
- Despite the VIX spiking to an intraday high of $28.86, credit markets didn’t budge much, which helped us advise to lean into the sell-off. VIX closed, remarkably, at $17.75.
- Key risks remain to the market and given the intensity of the sell-off (It was a 1/20 probability event since 1970 which last occur...