The Only Reliable Trend in the Stock Market Right Now Is Wilder Swings
- Nasdaq 100 moved violently with Fed turning more hawkish
- Volatility grows on loss of bull market ally, omicron spread
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Down one day, up the next, the stock market is making life miserable for anyone in search of a coherent narrative to explain its moves. One thing has stuck, though: Episodes of daily upheaval are worsening.
Particularly at the speculative end, the trend is pronounced. In the Nasdaq 100, the absolute size of close-to-close moves has been roughly 1.5% a day this month, up or down. That’s three times as great as any December since the Christmas rout of 2018 and almost twice the average move of the last year.