Expect some ripple effects as record-breaking volatility rattles Wall Street following last week's global sell-off, UBS warns.
Expect some ripple effects as record-breaking volatility rattles Wall Street, according to UBS. "We anticipated a cooling CPI to take some wind out of the VIX sails, but there are still aftershocks when VIX spikes to such a degree, especially if recession is still potentially on the table," wrote Maxwell Grinacoff in a Thursday note to clients.
The volatility index also attained two key milestones, tracking its fastest spike from lows exceeding 25 points on record and its fastest retracement, that strategist noted. However, the pace of that means reversion may be "too far, too fast." Using two models, UBS suggests that the fair value for the VIX spot should hover somewhere between 20 to 22. The index was last down nearly 6% during Thursday's session to roughly 15.
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