U.S. investors are in the grip of “extreme fear” for the first time in six months, according to CNN’s widely quoted “Fear and Greed” index.
The Vix traded as high as 18.70 on Wednesday, its highest level since May 25, according to FactSet data. Options-market activity is also incorporated in the form of the five-day put-to-call ratio, which currently stands at 1.07, also the highest level since March. Interestingly, the only index input not projecting a reading of “fear” or “extreme fear” was a reading on junk-bond spreads vs. investment-grade spreads, which haven’t budged much despite the upward march of long-term Treasury yields.
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