After a late spring and summer of wicked volatility, the market has gone on snooze since a week ago Monday. It appears once the market reassessed Draghi's comments the Friday after the ECB meeting, everyone has gone on vacation – volume has dried up (yesterday second lowest volume of the year), and the S&P 500 has moved in a relatively small range of 15 points or less for six sessions. Frankly a welcome change from the rollercoaster since April. The closely watched volatility index has also fallen sharply as the global central banker put appears to have calmed everyone. At 13.70 the VIX is at the lowest level post financial crisis era – it hasn't seen this level since July 2007. This morning appears to be the first there will be a more than modest movement in markets as a slightly overbought condition has been worked off via time rather than price.
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog