Vol leads the market lower. The market seems to run into trouble every-time we hit 13 on the VOX or lower over the last 6 months.

Emerging_Markets_MapConclusion:  EEM (Emerging Markets) are the tail that wags the volatility dog.  Or in other words, EM leads volatility higher, which has SPX move lower.

In other words:  EEM  lower leads SPX lower. 

 

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