Equity Fear Stays Strong

The VIX vs SPX gap

The SPX is down around 140 points from July highs, and up around 140 points from July lows. VIX on the other hand has gained from around 12.5 to 16.5, but is down only 2 points from recent high close. Fed and BoJ are behind us, and sure, we have a few big earnings left, but VIX remains relatively stressed and the short term gap vs SPX is still rather wide.