You’ve seriously got to hand it to the government: since they are in the business of tamping down any market insecurity, they are getting better every single time. The evidence is right in front of us in the form of the VIX: every few months, when a genuinely plausible reason comes out for the market to weaken, the VIX briefly pushes high. However, it gets less-high every single time. Every. Single. Time. This is what worried me about April 19th, because we were approaching the prior high. Like clockwork, it turned tail and collapsed back to 13 again.
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Leaving Penn Station
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