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November 2023 Market Recap

The S&P 500® Index returned 9.13% in November, interrupting three consecutive months of decline and capping an impressive advance of 11.18% from its intra-quarter low ...
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October 2023 Volatility Briefing

From the January 1, 1990 inception of the Cboe® Volatility Index (the VIX®) to November 17, 2023, the popular measure of implied volatility has averaged ...
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A Correlation Conundrum

Recently, as interest rates have climbed significantly and at a rapid pace, correlation between U.S. long-term government bonds and U.S. large cap stocks reached heights...
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October 2023 Market Recap

The S&P 500® Index returned -2.10% in October, marking the equity market’s third consecutive monthly decline. It appeared monetary policy and the direction of interest ...
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September 2023 Volatility Briefing

Inversions are for stunt men, not yield curves The Cboe® Volatility Index (the VIX®) is a measure of the market forecast of the likely price ...
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Don’t Get Caught with Your Shorts Down

Shorting vs Selling Volatility – What’s The Difference?So far in 2023 there has been an abundance of headlines driving persistent uncertainty. Risks abound in light ...
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September 2023 Market Recap

The S&P 500® Index returned -3.27% in the third quarter of 2023 with monthly returns of 3.21%, -1.59% and -4.77% for July, August and September, ...
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Protection For Less

Higher Rates Lower Protection CostsInterest rates resumed their climb in August, after a reprieve in July, shifting the yield curve higher. For perspective, the 2-Year ...
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August 2023 Market Recap

After a five-month winning streak, the S&P 500® Index declined 1.59% in August. A surprise downgrade of U.S. credit by Fitch Ratings, a credit rating ...
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July 2023 Volatility Briefing

Implied volatility, as measured by the Cboe® Volatility Index (the VIX®), averaged 13.93 in July. Consistent with its typical relationship, average implied volatility exceeded realized ...
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