The S & P 500 Volatility Index finished the week near 15 and is in a clear three- month uptrend from its mid-December low near 12, even as the S & P 500 has gained 10% since then.
In fact, Friday the market minimized the headline damage to a mere two-thirds-percent dip in the S & P 500 through its signature rotational impulse.
Some indicators — such as speculators remaining net short S & P 500 futures and brokerage strategists' muted index targets — imply the helpful wall of worry is not quite fully scaled.
Since then, the S & P has delivered a 16.7% annualized total return, even after two bear markets and two other severe/prolonged corrections.
And the S & P is only up 7% from its high 26 months ago, hardly in thin air.
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