Contrary to popular belief, volatility can go up as stocks rally

One of my biggest peeves is the near-universal belief that periods of stock market weakness mean higher volatility, while a rising stock market results in lower volatility. Sure, that is usually the case, but it is by no means a hard and fast rule.

Here is a chart of the 2009-2018 Nasdaq bull market with the 90-day and 180-day historical volatility incl…

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