After surging to 60.13 on April 7, Volatility as measured by the VIX, spent the remainder of 2025 below its long term average of 19.5 since its introduction in 1990 (Blue horizontal line is at 20.0). The VIX experienced a brief spike higher on October 20 after China said it was enacting export controls on a wide range of products and President Trump responded with an additional tariff of 100% on top of existing tariffs. On November 20 there was another brief spike after Nvidia’s good earnings were followed by a Bronx cheer. The low level of volatility after the big pop in April is why the...
