Andrew Giovinazzi's blog
Stocks are staring at the 2200 SPX level and blinking. Since there is no real impetus to drive things higher buyers are content to sit where they are and wait. For some reason the Yellen at Jackson Hole speech is starting to take on meaning. With a market lacking meaning anything is a reason to move us. Gold and gold related names like the miners are getting hit hardest.
2015 gave us VRX and the corporate perp walk of the year as the CEO got grilled for jacking up the acquired drug prices. Congress gave VRX the smear job and the stock lost 90% at the low earlier this year. My blog of last week talked about VRX and yes it is time to buy juice in there again. That is not my subject. Congress might have a new dog to beat and the name is MYL.
To paraphrase the great Jerry Seinfeld, "It's a market about nothing."
A sample list of 10 day realized vol:
VIX- 60.54 (near 2 year lows)
With a remarkable lack of vitality the SPY is finishing lower then where it started the week. VIX could finish lower where it started this week as well. The FOMC did nothing really and nothing generally means lower vol and that is what we have. Not so for the big dividend paying stocks.