The Market Chronicles

The Market Chronicles

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The Market Chronicles
The Market Chronicles
The One Holding Up The Many
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The One Holding Up The Many

Evening Edition

Michael J. Kramer's avatar
Michael J. Kramer
Jun 20, 2023
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The Market Chronicles
The Market Chronicles
The One Holding Up The Many
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The S&P 500 concluded the day with a decline of almost 50 basis points, while the equally weighted S&P 500 experienced a drop of over 1%. Unfortunately, this has been a recurring pattern in the market, with only a select few stocks driving the performance of headline indexes.

Interestingly, on this particular day, the consumer discretionary sector was the sole sector that recorded gains, primarily attributable to Tesla's 5% rally. Examining statistics like these, it becomes challenging to label this market as resilient.

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It is uncommon to observe both the VIX index and the S&P 500 lower on the same day. Furthermore, the increase in the VIX 9-Day Index and the VVIX raises the possibility of last-minute positioning ahead of tomorrow's VIX options expiration.

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