With respect to the old Christmas folklore story, 'Yes Virginia, there is Volatility'. The massive move this past Friday was not telegraphed, but then the first big move down hardly ever is. Nobody rings a bell at the top, nor at the bottom. Navigating the markets without the proper instruments becomes a very dicey proposition, and certainly with the right tools there is no guarantee of success, certainly with the timing.
For instance, the overbought sentiment has been frothy for[...]