Word: low
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Dates: during 2000-2009
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...gauges the options market's expectations of the 30-day volatility of the S&P 500 index. While the VIX has fallen from a high of over 80 last year to a new low under 23, it is still above its historical average of around 20. Eight years ago, after 9/11, it spiked to just over 40. Recently, stocks have reached new highs for the year, so a move down in the VIX is certainly reasonable. (Read "How to Know When the Economy Is Turning...
Cadbury swiftly dismissed Kraft's bid as too low, but speculation is running rampant on Wall Street that Cadbury is now in play and that either Kraft will sweeten its offer or another rival, such as Hershey, will step up. Industry experts speculate that bidding could exceed $21 billion before a merger is clinched. Read "Chocolate, Meet Choco-Luxe...
...low VIX a loaded spring ready to uncoil upon another bit of bad news, or is the investor-anxiety balloon finally deflating...
Before the crash, from 2003 to 2007, the VIX was well below its historical average, chilling in the 10 to 15 range. In hindsight, insurers charged dangerously low premiums against catastrophe. Let's hope we're not heading there again...
Either way, if there was an extended downward move in equity prices, those who did not buy insurance would be in some trouble, but those who sold insurance too low would be in even greater financial peril...