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Since China's devaluation of its peg, Volatility has been rising and last week it rose close its record. Chinese equity markets, known for its notorious high volatility has spilled it over to the global markets. Chinese stocks have wiped out this year's entire gains after today's move and European bourses are just set to do so.
- On Friday, volatility posted its fifth largest gains on record, with the index rising 46.45%. Largest single day volatility rise was registered back in 2007, when it rose by 64.22%.
The VIX is also known as the fear index and a measure of market panic and as of now it looks that market is in clear panic.
Looking at today's move in S&P futures, which is already down -2.3%, VIX is in for further rise. With two key levels around 2040 and 1970-80 cleared, it is unlikely that bears will give up soon. There could be a revisit to September lows around 1800 area.
