The S&P 500 Holds Up Well in Face of Uncertainty

S&P was off 8% in July of 2011 as we were going through exactly the same kind of exercises now. The VIX is still a very relevant indicator of market fear, and it's been hovering at the highs around 20. We'd be looking for levels of 24 to 28 before we wanted to get long on any kind of mini crisis related to this issue.