It seems that enough is enough. After days of bobbing and weaving around market fluctuations, the collective groan from investors was almost audible this morning. European indices gapped lower at the open, as the likelihood of a pre-election US stimulus breakthrough continues to fade, while closer to home further lockdowns in London and curfews in the bloc only soured sentiment further, as did underwhelming earnings from heavy hitters such as Roche. The sell off today has sparked investors into action with volumes flooding back, with indices for the most part well above 20d AVATs. The VIX is higher, as is its European counterpart the V2X, though the still remain within the 25-30 range. We would need to see an upward breakout to really feel that the panic button is being hit.
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