RISK: In terms of risk appetite, the CBOE's..........>

RISK: In terms of risk appetite, the CBOE's volatility index or VIX was last

15.51, in the middle of a 14.52 to 17.28 range.

- Earlier, the VIX vaulted twin peaks of 16.30, from May 18, and 16.28, from

April 17, with the latter run-up driven by North Korea concerns.

- The earlier high was the highest since Nov. 9, the day after the US election,

when the VIX peaked at 21.48. The 2017 high was 23.01, seen Nov. 4 ahead of the

election.

- A close back below the 200-day moving average, currently 11.99, would be

needed to suggest risk appetite was improving. The index bottomed at 11.56

Thursday.

- The July 26 low of 8.84 was a new life-time intraday VIX low (prior life-time

intraday low was 8.89, seen Dec. 27, 1993).

- As a reminder, sub-20 VIX levels are deemed risk friendly, 20 to sub 40 risk

neutral, and 40 and over risk averse.