{"id":122968,"date":"2022-02-08T11:30:00","date_gmt":"2022-02-08T16:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=122968"},"modified":"2023-02-10T13:31:47","modified_gmt":"2023-02-10T18:31:47","slug":"socially-acceptable-volatility-redux","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/socially-acceptable-volatility-redux\/","title":{"rendered":"Socially Acceptable Volatility Redux"},"content":{"rendered":"\n<p>Uncertain times breed volatility.&nbsp; Quite simply, volatility is how the markets express investors\u2019 inability to reach a consensus on value.&nbsp; Think of it this way: if all investments were perfectly discounting their future prospects and supply and demand were in perfect equilibrium, we wouldn\u2019t expect to see any price movement.&nbsp; There would be no need, because everyone agrees on what would be the correct price of each investment.<\/p>\n\n\n\n<p>We all recognize the impossibility of that scenario, but we should recognize that market movements are the process of price discovery.&nbsp; When there is greater consensus about asset prices, those prices move less.&nbsp; When there is uncertainty about how to value assets and cash flows, we see more movement in prices as markets seek that consensus.&nbsp; There tends to be more consensus about the path of asset prices in bullish markets rather than bearish markets, which is why markets that trend higher tend to be less volatile than those that are experiencing corrections.<\/p>\n\n\n\n<p><a href=\"\/campus\/traders-insight\/securities\/macro\/bear-market-rallies-are-short-sharp-and-ferocious\/\">In yesterday\u2019s piece, we noted<\/a> how most of the market\u2019s largest one-day gains in history occurred during bearish periods. We attributed this phenomenon to a combination of fear of missing out (FOMO) and hope, and acknowledged that it is human nature for people to want to see a light at the end of a tunnel.&nbsp; Investors are inherently optimistic \u2013 they wouldn\u2019t be investing in risky assets if they weren\u2019t confident that those investments would offer a reasonable rate of return \u2013 so it is understandable why many would seize upon buying opportunities even in bleak times.&nbsp;<\/p>\n\n\n\n<p>The key for investors is to recognize that volatility is a mathematical construct, not a value judgement.&nbsp; Yet, as noted above, we often see more volatility \u2013 or at least fear it more \u2013 during uncertain markets.&nbsp; This is why I have <a href=\"\/campus\/traders-insight\/securities\/macro\/vix-is-not-now-nor-has-it-ever-been-the-fear-index\/\">long contended<\/a> that while the CBOE Volatility Index (VIX) is <a href=\"\/campus\/traders-insight\/securities\/macro\/vix-is-not-now-nor-has-it-ever-been-the-fear-index\/\">not expressly the market\u2019s fear gauge<\/a>, it frequently can and does indeed act like one.&nbsp; Thinking back to the inherent optimism of investors, it is natural to see downward moves as being unnatural and thus something of concern.&nbsp; That concern can be reflecting in higher implied volatility, which is what VIX actually measures.<\/p>\n\n\n\n<p>Consider these two graphs below.&nbsp; They are one-day snapshots of movements about two weeks ago. When you examine them, think about which is the \u201cbetter\u201d or \u201cworse\u201d day, and which is more volatile:<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-spx-intraday-january-26th-2022\"><strong>SPX Intraday, January 26<sup>th<\/sup>, 2022<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"479\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26-1100x479.png\" alt=\"\" class=\"wp-image-122980 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26-1100x479.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26-700x305.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26-300x131.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26-768x335.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26-1536x669.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.26.png 1917w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/479;\" \/><\/figure>\n\n\n\n<p><strong>SPX Intraday, January 28<sup>th<\/sup>, 2022<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"482\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28-1100x482.png\" alt=\"\" class=\"wp-image-122982 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28-1100x482.png 1100w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28-700x307.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28-300x132.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28-768x337.png 768w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28-1536x674.png 1536w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/SPX-1.28.png 1918w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/482;\" \/><\/figure>\n\n\n\n<p><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p>On the 26<sup>th<\/sup>, the S&amp;P 500 Index (SPX) opened over one percent higher and traded around those levels for most of the day before giving back their gains in the last two hours.&nbsp; On the 28<sup>th<\/sup>, SPX opened lower, recovered, and then shot higher in the last two hours of the day.&nbsp; The 26<sup>th<\/sup> was a disappointment right, while the 28<sup>th<\/sup> could be considered a turning point for the market.&nbsp; I would assert that both were part of a medium-term bottoming process, one that has not yet been fully resolved.&nbsp;<\/p>\n\n\n\n<p>At the time, the 26<sup>th<\/sup> was considered a volatile day and a failure.&nbsp; We did indeed have a trading range of just over 2%, even though we only closed modestly lower.&nbsp; That is indeed a volatile day, though close-to-close historical volatility measures would show little change.&nbsp; On the 28<sup>th<\/sup> however, markets closed almost 2.5% higher, which was perceived as a solid up day and a sign of strength for the market.&nbsp; But by any measure \u2013 intraday or historical volatility \u2013 the 28<sup>th<\/sup> was the more volatile day.&nbsp; It wasn\u2019t concerning because the market did what it\u2019s supposed to do.<\/p>\n\n\n\n<p>This is what my friend Steve Sears terms \u201c<a href=\"\/campus\/traders-insight\/securities\/macro\/socially-acceptable-volatility\/\">socially acceptable volatility<\/a>\u201d.\u00a0 Investors really only mind volatility when it moves prices lower, not higher.\u00a0 In both cases, the market is trying to reassess fair values for a wide range of asset prices, yet it\u2019s perceived much better when the market makes a favorable reassessment.<\/p>\n\n\n\n<p>Socially acceptable or not, volatility is something to be reckoned with.&nbsp; Long investors don\u2019t often feel the need to hedge when prices are moving the way they want or expect them to.&nbsp; It is important to remember that all volatility represents uncertainty, and it is important not to become complacent simply because that volatility is helping your positions, not hurting them.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.  <\/p>\n","protected":false},"author":4,"featured_media":68513,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14700,18,6,8,9,22,26,3],"tags":[860],"contributors-categories":[13576],"class_list":{"0":"post-122968","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-region","11":"category-securities","12":"category-stocks","13":"category-text-articles","14":"category-traders-insight","15":"tag-volatility","16":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Socially Acceptable Volatility Redux | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/122968\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Socially Acceptable Volatility Redux | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-08T16:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:31:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"506\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Steve Sosnick\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t            },\n\t            \"headline\": \"Socially Acceptable Volatility Redux\",\n\t            \"datePublished\": \"2022-02-08T16:30:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:31:47+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/\"\n\t            },\n\t            \"wordCount\": 741,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/12\\\/shutterstock_1328925254-e1689694947344.jpg\",\n\t            \"keywords\": [\n\t                \"volatility\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Insights\",\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Stocks\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/\",\n\t            \"name\": \"Socially Acceptable Volatility Redux | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/12\\\/shutterstock_1328925254-e1689694947344.jpg\",\n\t            \"datePublished\": \"2022-02-08T16:30:00+00:00\",\n\t            \"dateModified\": \"2023-02-10T18:31:47+00:00\",\n\t            \"description\": \"Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/socially-acceptable-volatility-redux\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/12\\\/shutterstock_1328925254-e1689694947344.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/12\\\/shutterstock_1328925254-e1689694947344.jpg\",\n\t            \"width\": 900,\n\t            \"height\": 506\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t            \"name\": \"Steve Sosnick\",\n\t            \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t            \"sameAs\": [\n\t                \"https:\\\/\\\/ibkr.com\"\n\t            ],\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Socially Acceptable Volatility Redux | Traders' Insight","description":"Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/122968\/","og_locale":"en_US","og_type":"article","og_title":"Socially Acceptable Volatility Redux | IBKR Campus US","og_description":"Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/","og_site_name":"IBKR Campus US","article_published_time":"2022-02-08T16:30:00+00:00","article_modified_time":"2023-02-10T18:31:47+00:00","og_image":[{"width":900,"height":506,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Socially Acceptable Volatility Redux","datePublished":"2022-02-08T16:30:00+00:00","dateModified":"2023-02-10T18:31:47+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/"},"wordCount":741,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg","keywords":["volatility"],"articleSection":["IBKR Insights","Macro","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/","name":"Socially Acceptable Volatility Redux | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg","datePublished":"2022-02-08T16:30:00+00:00","dateModified":"2023-02-10T18:31:47+00:00","description":"Investors really only mind volatility when it moves prices lower, not higher. Socially acceptable or not, volatility is something to be reckoned with.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/socially-acceptable-volatility-redux\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg","width":900,"height":506},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/12\/shutterstock_1328925254-e1689694947344.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/122968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=122968"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/122968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/68513"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=122968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=122968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=122968"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=122968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}