Thanks to Angela Merkel's comments over the weekend, then some positive earnings announcements, the S&P500 Index fell 1.9% on Monday, then rose 2% yesterday.
This drove my proprietary volatility measure back to new heights not seen since mid-September.
Which is why I continue to maintain scepticism regarding October's +7.9% S&P return. With daily moves of 2% commonplace, that could go to zero by week's end. Even if not so suddenly, it simply is not a stable equity market in which to calmly enjoy a sizable monthly index return like that.
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