Markets are still falling apart. With inflation up 8.3% year over year, and a real possibility of an aggressive rate hike, Dow futures are down 233 this morning, as the NASDAQ sinks 131.
Making things worse, FedEx just issued an ominous warning about the global economy. In fact, not only did the company withdraw its financial forecast, it said, “a global demand slowdown accelerated at the end of August and was on pace to worsen in the November quarter,” as noted by Reuters.
Unfortunately, that could set off another round of fear-based selling, which could send the Dow Jones, for example, back down to 29,653.
Volatility could spike along with it, which is what makes a volatility-based trade like the Pro Shares Ultra VIX Short-Term Futures ETF (UVXY) even more attractive at the moment.