What Happens In March Stays In March

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After an incredibly volatile and severe drawdown in March, most markets rebounded in April and recovered some first quarter losses. It was certainly a welcome reprieve for investors as volatility fell, supporting liquidity and allowing for more normal trading activity. The CBOE Volatility Index (VIX), which measures the implied volatility in the U.S. equity market, dropped to an average of 41.5 in April and closed at 34.2, implying +/ - 2.2 percent daily moves in the S&P 500. For comparison purposes, in March, the VIX averaged 53.5, which translates to +/- 3.4 percent daily moves.

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