October 31, 2014


After a second quarter marked by complacency in the capital markets, the third quarter saw more concerns from the market regarding the Fed exit from QE and their eventual expected overnight interest rate hike that most predict is finally on the way sometime next year. The S&P 500 had a total return of 0.62% for the quarter. The VIX, barely above 10 last time we wrote this following the second quarter, is over 29 as we write this today in the midst of an extremely volatile October in the equity markets.