‘Tis the Season

In the two weeks from October 27 through November 10, the S&P 500 jumped 7.2%, accompanied by gains for all sizes, styles, 10 of 11 sectors, and 89% of the 153 sub-industries in the S&P Composite 1500. In addition, the CBOE Volatility Index has plummeted to 14.17 from 21.27, while the 10-year dropped to 4.63% from 4.85%. Yet most of the equity gains were recorded in the first of this two-week tear.