News Snapshot:
Count Michael Purves, the founder of Tallbacken Capital Advisors, among those inclined to seek shelter. After advising clients to sell volatility most of the year, he’s now counselling caution, saying a nine month-long fattening of S & P 500 valuations is in jeopardy without more support from corporate earnings. “We have been getting increasingly nervous about the VIX maintaining the 13-14 level,” he said. “We suspect as we get further into July, and earnings season kicks off, we should see the VIX stiffen up.” Calm won’t last He’s not alone. In a JPMorgan Chase & Co survey of clients last...
