CNBC reports: With volatility low and complacency high,
traders are searching for the spark that could trigger a market pullback.
Stocks Tuesday finished sharply higher with the Dow up 99 at
13,979, its third big move in a row. The S&P 500 was up 1 percent at 1511,
and the Nasdaq was up 1.3 percent at 3171.
There are some major earnings Wednesday, including Time
Warner, Glaxo Smithkline and Marathon Oil, but no economic reports for the
markets to focus on, except for mortgage application data at 7:00 a.m. ET. Oil
and gasoline prices could also get attention, when government inventory data is
released at 10:30 a.m.
While traders have been chatting about the potential for a
pullback from near record highs, the VIX, a measure of market fear, fell 6.5
percent, to 13.72 Tuesday. The VIX reflects market expectations of near-term
volatility and is a metric of the out-of-the-money puts and calls on the CBOE.
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