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The Risk Appetite Index took a rather swift decline in the past couple of weeks, declining to the 18% level.   Opinions in the stock, bond, currency and metals markets impacts this index. (Sentiment Trader) 

The decline of less than 5% in stocks drove the VIX up nearly 50% in a two week window, another reflection of fear coming into the markets.

 

 

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past