I note that last night the CBOE S&P 100 Volatility Index (VXO – Original VIX) fell by over -25%. Since the inception of the VXO (1986), 1-day falls on the southern side of -25% are very rare, having only occurred on 11 previous occasions. Interestingly, post these large VXO declines, the S&P 500 Index had a tendency to trend lower.



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