Editor's Note: This is a brief excerpt from today's Morning Newsletter written by Hedgeye Director of Research Daryl Jones. Click here to learn more/subscribe.
Aside from January 2nd, yesterday had the lowest volume in U.S. equity markets for the year. Was it complacency? The calm before the storm? Or, was it simply a non-event and just a quiet day in the markets?
...Those questions will largely be answered in hindsight for most stock market operators. But in the meantime, keeping our eyes on the minefield ahead is as important as it has ever been in the last five or more years. As the Chart of the Day below shows, volatility can and will pick up dramatically.