Up over 60% since Wednesday
The Vix or volatility index is trading up at 33.37 after reaching a high of 37.51 earlier in the day. The index has increased some 65% since Wednesday alone.
As volatility increases, so too does the Vix index. The volatility in the meme stocks has now rotated into the larger cap stocks with the large moved to the downside today. A slew of earnings this week also added to the volatility. Him
The Vix index has stayed within a range of about 19.5 to 44.7 since April last year. In March while stocks were being sold off rapidly on the back of the Covid transmission spread, the index spiked up at 85.47.
Although risks remain high from Covid, and today's selling was helped by the Pfizer CEO saying the there was a "high possibility future variant will elude vaccines ", the fear and uncertainty from Covid is not at those early transmission levels. As a result there should be a limit to the upside.