In a greatly ironic moment for capital markets, minutes ahead of the Fed's Bill Dudley speaking about "low volatility in markets is a cause for concerns, indicates complacency," VIX just collapsed in a pile of "we don't need no stinking protection" volatility selling to its lowest level since December 2013 and almost its lowest since April 2013 recovery lows.
- *DUDLEY SAYS VOLATILITY IN MARKETS UNUSUALLY LOW
- *DUDLEY SAYS LOW VOLATILITY IN MARKETS MAY INDICATE COMPLACENCY
- *DUDLEY SAYS LOW VOLATILITY IN MARKETS CAUSE OF CONCERN
And VIX today...
Don;t fight the Fed - unless they say "sell" stocks or "buy" vol.