At Tuesday’s close, the Dow Jones Industrial Average was off 89 points at 12,878, the S&P 500 fell 7 points at 1,399, and the Nasdaq lost 9 points at 2,968. The NYSE traded 688 million shares and the Nasdaq crossed 406 million. On both exchanges, decliners were ahead of advancers by 1.3-to-1.
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Despite the emotional reaction of the markets to the back-and-forth comments from politicians, the CBOE Volatility Index (VIX) is still surprisingly apathetic. At a critical time when the major indices are backing away from their 200-day moving averages, the VIX should be in the mid-20s, while it sits near 16. Perhaps it is telling us that the politicians will get their act together before we all fall off the fiscal cliff.
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