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

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

11.90, in the middle of a 11.45 to 12.37 range.

- Last week, at the peak of escalating U.S.-North Korea tensions, the VIX

vaulted twin peaks of 16.30, from May 18, and 16.28, from April 17, with the

latter run-up driven also by North Korea concerns.

- Friday's VIX high of 17.28 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.

- This week, the VIX has moved back below the 200-day moving average, currently

11.97, which has been taken as a sign that risk appetite is improving.

- 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.