The S&P500 crumbled from fresh record highs last week. The VIX spiked to levels not seen since the election in 2016. Is the summer swoon upon us? Or is this just another named excuse for the markets to refresh?
The top is in! ....until the market makes another top... and another one... and another one. First the market has to shake this bout of fear. Just a few weeks ago fear had never been so low, at least measured by the VIX. Despite all the drama and even aggressive comments and actions from North Korea, the VIX hit 8.84.
S&P500 futures are lower this morning on continued North Korea headlines. Up until late yesterday afternoon, every single named sell-off has ultimately been a tremendous buying opportunity for stocks. Anyone buying the dip or named sell-off in the S&P500 since its inception, up until late yesterday afternoon, has done incredibility well.
The Dow cleared 22k for the first time yesterday.
The old saying goes, Pigs get fat Hogs get slaughtered. I do find it a little ironic this morning, with the stock market seeing record highs day after day that Harley Davidson - stock ticker $HOG is getting slaughtered an ugly earnings report.