News of the terrorist attack in Paris briefly pushed VIX® up to 20 at the close of last week, otherwise it has been a fairly quiet month on the macroeconomic front. VIX closed yesterday at 16.85, marginally up on our previous report.
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The Federal Reserve announcement due on December 16 comes on the final trading date for the December VIX future; ongoing speculation over the outcome will provide a lower support for the VIX, at least until then.
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The speed and fragility of the markets may have attenuated since the turmoil of August, but it is early to sound the "all-clear".
