: Brutal.— Brian Sozzi February 9, 2016 Crude was up, but that faded as soon as New York rolled out of bed, according to Market Watch. The International Energy Agency warned earlier a global oil surplus may be bigger than expected as Iran begins to pump again, which will hit prices. The U.S. gloom didn’t go unnoticed in Asia, where the Nikkei cratered more than 5%. And there are plenty of grim stats to toss around: 31% of the stocks in the S&P 500 are down 30% or more from their 52-week highs. This market has been in the pits, but some say, sorry, still no bottom. Implied volatility, as evidenced by the CBOE Volatility index VIX, +2.08% , is still below panic levels . If you want a relief rally, then true panic needs to set in, he concludes. Greg Guenthner of the Daily Reckoning blog, says for that to happen we need a widespread cry Uncle!’ from investors.
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