{"id":125810,"date":"2022-02-24T12:48:00","date_gmt":"2022-02-24T17:48:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=125810"},"modified":"2023-02-10T13:31:41","modified_gmt":"2023-02-10T18:31:41","slug":"time-to-buy-or-sell","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/time-to-buy-or-sell\/","title":{"rendered":"Time to Buy or Sell?"},"content":{"rendered":"\n<p>As you undoubtedly know by now, Russia began its invasion of Ukraine early this morning (local time).&nbsp; Although the world is certainly more chaotic than it was yesterday, the questions for investors are how the geopolitical events and movements in commodities will affect their investments, and to what extent those effects have been already discounted into prices.&nbsp; We\u2019ve all heard the phrase \u201cbuy the rumor, sell the news&#8221;; it\u2019s inverse, \u201csell the rumor, buy the news\u201d, often applies in nervous markets.&nbsp; It is quite possible that today could prove to be one of those events.<\/p>\n\n\n\n<p>Global markets reacted predictably to the news, with equity markets selling off and with safe havens like US Treasuries and gold (not \u201c<a href=\"\/campus\/traders-insight\/securities\/crypto\/does-this-look-like-a-hedge-to-you-bitcoin-edition\/\">digital gold<\/a>\u201d, mind you) moving higher.&nbsp; As I write this, however, European and North American equities are off their lows.&nbsp; In fact, the NASDAQ 100 Index (NDX) was already back to a marginal increase after opening over 3% lower, with leadership shown by companies that are software, not raw material, based.&nbsp; Four out of five of the so-called FAANG stocks (FB, AMZN, NFLX, GOOG) and Microsoft are all up on the day right now.&nbsp;<\/p>\n\n\n\n<p>Bear in mind <a href=\"\/campus\/traders-insight\/securities\/stocks\/vix-inversion-is-a-necessary-but-not-sufficient-signal\/\">what we discussed yesterday<\/a>, when we noted that VIX futures were \u201c<a href=\"\/campus\/traders-insight\/securities\/stocks\/vix-inversion-is-a-necessary-but-not-sufficient-signal\/\">\u2026 telling us that traders are nervous, but not necessarily climactically so.<\/a>\u201d&nbsp; Our rationale was that while the curve was in backwardation, it was not as steeply sloping as it can be during true moments of panic.&nbsp; Even though VIX futures are higher across the board and the curve has further steepened, neither the spot level nor the curve are yet demonstrating panic, as the graph below shows:<\/p>\n\n\n\n<p><strong>VIX Futures Curve, Today (green), Yesterday (orange), 1 Week Ago (blue), 2 Weeks Ago (red)<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"544\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/image-45.png\" alt=\"VIX Futures Curve, Today (green), Yesterday (orange), 1 Week Ago (blue), 2 Weeks Ago (red)\" class=\"wp-image-125815 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/image-45.png 975w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/image-45-700x391.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/image-45-300x167.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2022\/02\/image-45-768x429.png 768w\" data-sizes=\"(max-width: 975px) 100vw, 975px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 975px; aspect-ratio: 975\/544;\" \/><\/figure>\n\n\n\n<p><em>Source: Bloomberg<\/em><\/p>\n\n\n\n<p>Admittedly this is a qualitative assertion, though I base it upon over two decades experience as a professional options trader.&nbsp; Over that time period, one learns to spot moments of true panic \u2013 when traders demand volatility protection at any price \u2013 and this is not yet one of them.<\/p>\n\n\n\n<p>Bear in mind also that whether or not today proves to be a \u201cbuy the news\u201d event, a simple \u201cbuy the dip\u201d opportunity, this could also be just another hiccup in a year dominated by inflation talk and central bank reactions.&nbsp; The Ukraine situation is indeed an exogenous event, and one that investors have properly discounted, but remember that this is also an inflation inducing event at a time when markets were already reeling from inflation fears.&nbsp; To that end, I reiterate the conclusion that we expressed yesterday \u201c<a href=\"\/campus\/traders-insight\/securities\/stocks\/vix-inversion-is-a-necessary-but-not-sufficient-signal\/\">I interpret the message of the market to be that we should continue to expect volatility \u2013 remember that volatility encompasses moves in both directions \u2013 but not to expect that a major bottom was put into place in recent sessions<\/a>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you undoubtedly know by now, Russia began its invasion of Ukraine early this morning (local time).  Although the world is certainly more chaotic than it was yesterday.<\/p>\n","protected":false},"author":4,"featured_media":36355,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[5,14700,18,6,8,9,26,3],"tags":[63,43],"contributors-categories":[13576],"class_list":{"0":"post-125810","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-europe-middle-east-africa","8":"category-ibkr-market-insights","9":"category-macro","10":"category-north-america","11":"category-region","12":"category-securities","13":"category-text-articles","14":"category-traders-insight","15":"tag-buy","16":"tag-russia","17":"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>Time to Buy or Sell? | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"As you undoubtedly know by now, Russia began its invasion of Ukraine early this morning (local time). 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