Premium Edition Stock Market Update Wednesday October 18, 2023 The decline on Wednesday contradicts the usual bullish trend often observed in the latter half of October, but the bulls are likely to regain their stance. The recent surge in the market, in line with the anticipated seasonal uptrend had been showing strong promise. While our conviction remains firm on this upward trajectory, Wednesday's trading painted a slightly perturbed picture. Concerns arose as the 10-year Treasury yield nudged past 4.9%, with the 30-year momentarily crossing the 5.0% mark. This unsettled ambiance had options traders adjusting their volatility premiums on SP500 options, leading to the VIX Index, which gauges market volatility, climbing by over a point. Interestingly, it hasn't yet surpassed its previous peak.
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