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CBOE Volatility Index Nearing 3 Month High

The CBOE Volatility Index (VIX) is nearing a 3 month high just under 24 on this latest broad market selloff, up significantly from its mid-May low of 15.82. Looking at something in a vacuum is never ideal, but based purely on the VIX alone which has been a fairly decent indicator in the past, we are nowhere close to anything that would signal a bottom being put in. Based on some brief historical analysis of the Dow, the VIX would need to move above 30 similar to January (11,650) and March (11,750) of 2008, and November (12,750) and August (12,500) of 2007 to really represent a significant tradable bottom.

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