"There was a strange temper in the air. Unsatisfied by material prosperity, the nations turned fiercely toward strife, internal or external. National passions unduly exalted in the decline of religion, burned beneath the surface of every land with fierce if shrouded fires. Almost one might think the world wished to suffer. Certainly men everywhere were eager to dare."
Winston Churchill
Despite the confidence exuding from Davos, stocks were selling off fairly hard as the paint that was applied to the tape at the end of 2013 came peeling off in chunks of profit taking.
VIX spiked up hard, as punters sought safety in puts and bid them up.
Ok Daniel-san, this was 'wax off' to the end of year 'wax on.'
What do we do next?
Next week is a big earnings week, and after some global follow through I suspect we will see stocks taking their cues from the corporate results. And so we might expect a volatile week.
I have included the US economic calendar for next week below.
Have a pleasant weekend.
