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Date Posted: 13:40:56 05/22/13 Wed
Author: Wednesday 22/5/2013 Gemini
Subject: VIX pops as markets go wobbly over Fed minutesfear indexabove 14.

VIX pops as markets go wobbly over Fed minutes
May 22, 2013, 4:29 PM
The Chicago Board Options Exchange volatility index popped Wednesday, as U.S. markets saw a sharp selloff.

The so-called fear index briefly rose above 14.

Fed Chairman Ben Bernanke said in Capitol Hill testimony that the FOMC could move to reduce the pace of asset purchases in the “next few meetings.” Later, the minutes of the last FOMC meeting showed several members of the rate-setting committee were willing to consider a start to tapering as soon as June.

The VIX /quotes/zigman/2766221 VIX +3.37%, which has been well-below its long-term averages all year, turned higher in late February and in mid-April this year. Those periods both saw brief reversals of the relentless bull market for equities that has taken the Dow and S&P 500 to successive new highs all year.

A turn down in stocks in May however, could mark the start of the more typical summer slump, exemplified by the “sell in May and go away” mantra. Some hedge fund managers have been bidding up prices on rentals in the Hamptons this summer in anticipation of a quiet trading period.

– Tom Bemis

Follow The Tell on Twitter @thetellblog

markets, stocks, Volatility

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