THIS IS NOT WHAT CAPITULATION LOOKS LIKE

On top of that, this season’s earnings bar is set so high, it’s almost impossible for the market to clear it

This is not what capitulation looks like

For the first time in a while, we’re experiencing a little fear in the markets. It feels like it’s been forever in coming, and many market participants seem genuinely shocked that stocks can go down. Last week, VIX pushed up to 19, the Bloomberg High-Yield OAS widened out to 338 bps, and there can be no denying th…