By Ben Turney | Saturday 2 August 2014
The severity of this week’s global sell-off in equities seems to have taken a lot of people by surprise. Five weeks ago, I wrote about the multi-year lows of the Chicago Board Options Exchange Market Volatility Index (the “Vix”) and the complacency it warned of. As I pointed out “the market loves nothing more than to punish complacency”. If you watched a screen of Thursday’s carnage in America, this is pretty much exactly what happened. The question now is, is this the beginning of the end of the bull market or just a healthy pullback, accentuated by low summer trading volumes?
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