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RISK: The CBOE's volatility index or VIX was last....>

RISK, ROMANIA
RISK: The CBOE's volatility index or VIX was last 14.77, on the high side of a
11.56 to 15.36 range. The July 26 low of 8.84 was a new life-time intraday VIX
low. The prior life-time intraday low was 8.89, seen Dec. 27, 1993. The VIX
posted a high of 16.30 on May 18 at the most recent peak of risk aversion, not
far from the 16.28 high seen April 17 that was driven by North Korea concerns.
As background, the VIX saw a high of 23.01 Nov. 4, ahead of the US election. It
would take a close above the 200-day moving average, currently 11.98, to suggest
risk appetite was waning. The VIX last closed above its 200-day moving average
in mid-May, but then only briefly. As a reminder, sub-20 VIX levels are deemed
risk friendly, 20 to sub 40 risk neutral, and 40 and over risk averse.

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