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“Change is the investor’s only certainty.” – Thomas Rowe Price Jr.
The pre-market tone for equities was flat to negative early, but a report from Pfizer (PFE) showing that three doses of its COVID vaccine were able to neutralize the Omicron variant sent futures notably higher. That boost has proved to be somewhat temporary, though, as futures have given up half of their earlier gains. With all the volatility we have had in the market lately, at this point, the most constructive activity we could see in markets today would be a quiet session for a change. Yesterday, the Russell 2000 had its 5th straight day of daily moves of more than 2%, and while the index traded back above its 200-DMA on an intraday basis, it wasn’t able to hold on to those levels into the close.
It’s another light day of economic data today as the only report on the calendar is the JOLTS report at 10 AM. Economists are expecting to see total job openings in excess of 10 million.
Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.
On the Wednesday before Thanksgiving, the VIX traded as high as 20.96 intraday before closing the session at 18.58. The following Friday, it spiked as high as 28.99 on the emergence of the Omicron variant and continued higher the following week hitting an intraday high of 35.32 last Friday. This week has been another story for volatility, though, as the VIX has been in retreat finishing the day yesterday at 21.82. While still well above where it closed on the Wednesday before Thanksgiving, the VIX is currently within a point of its intraday high on the day before Omicron entered the lexicon.
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