The Kobeissi Letter(@KobeissiLetter):Tech stocks are experiencing one of their most volatile periods in history: The ratio of the Nasdaq 100 volatility index, $VXN, to the S&P 500 volatility index, $VIX, is up to 1.7 points, the highest in 23 years. This marks the first time since 2018 that the ratio has surpassed 1.5 points. By comparison, during the 2008 Financial Crisis, this metric peaked at ~1.6 points. This comes as $VXN stands at 28 points while the $VIX is at 16 points, or 43% lower. $VXN has now been above 20 points for 5 consecutive months, the longest streak since the 2022 bear market. The market is pricing-in severe volatility in tech.

2026.07.09 00:02

Tech stocks are experiencing one of their most volatile periods in history: The ratio of the Nasdaq 100 volatility index, $VXN, to the S&P 500 volatility index, $VIX, is up to 1.7 points, the highest in 23 years. This marks the first time since 2018 that the ratio has surpassed 1.5 points. By comparison, during the 2008 Financial Crisis, this metric peaked at ~1.6 points. This comes as $VXN stands at 28 points while the $VIX is at 16 points, or 43% lower. $VXN has now been above 20 points for 5 consecutive months, the longest streak since the 2022 bear market. The market is pricing-in severe volatility in tech.