4/22/2024
By Charles Payne CEO & Principal Analyst

The rally's two main characteristics have been its stealthy nature and lack of volatility (which means minimal panic). This has beenreflected in the number of sessions without a 2% down day and eerily calm Volatility (VIX) Index readings. With the buy-on-dips crowd and vitality over the Federal Reserve cutting rates, there is never a need for panic. However, the tables have suddenly turned.

Keep Calm & Carry On

In the summer of 1939, the UK Ministry of Information chose “Keep Calm and Carry On” as a message of ‘sober restraint’ during WWII.  Thus, 2.45 million of these posters were printed but never officially issued. Only a few survived, as the bulk of posters were turned to pulp to help with a significant paper shortage in 1940.

Someone found a copy of one of the posters in a bookstore in 2000, which began its journey into the current lexicon.

I bring this up because the Goldman Sachs (GS) “U.S. Panic Index” has surged higher. It’s been here before—at the 2023 summer selloff bottom, the Silicon Valley Bank (SVB) scare, and the market bottoming in October 2022.

To read the full report, contact your account representative or email Info@wstreet.com.

Charles Payne
Wall Street Strategies

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