A 62% VIX Surge Isn't How Bulls Hoped August Would Start
- S&P 500 sank 1.5% for the biggest retreat since May 17
- Retailer earnings, credit weakness contributed to selloff
Gkionakis Says Market Will Be Driven by Momentum
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Through most historical lenses, the tempest in equities over the last three days is barely noticeable. View it next to the market’s eerie dormancy heading into the fraught month of August and it stands out.
Suddenly ended was a feat with no precedent in U.S. stocks, the S&P 500’s streak of 15 straight days without swinging 0.3 percent in either direction. Selling picked up Thursday to swell the three-day decline to 1.7 percent -- practically a rout in a market that hasn’t had a peak-to-trough drawdown exceeding 3 percent in nine months.