I won’t call today a turnaround day but it was noteworthy for the selloff that wasn’t. The 2 min ceasefire in the Gaza strip did not help. The sideways motion in the Ukraine did not help. The ok jobs report did get stocks back to even at one point but there is still some sadness in the air.
That sadness has helped propel volatility to 3 month highs in many areas. The VXEEM is making a near term high this week even when there has not been a whole lot of movement in the EEM with the 20 day realized volatility just hitting the high 13s.