When the VIX hits a key level, it's time to shed some shares, according to Ritholtz Wealth Management CEO Josh Brown.
Amid the market volatility, there is one strategy that has served Ritholtz Wealth Management CEO Josh Brown well this year. Every time the Cboe Volatility Index — a measure of expected stock market volatility that is known as the VIX — hits 20, he sells something. When the VIX is between 12 and 20, volatility is considered normal. Above 20 signals that volatility is expected to be higher. "You have to look at your portfolio and say, 'You know what, I'm taking something off.
When the volatility index hit 20 this past Friday, Brown sold something. Indeed, this also marked the fifth time he's employed the strategy this year, he said. That day, the Dow Jones Industrial Average closed more than 150 points higher , while the S & P 500 closed 0.03% lower. However, all three indexes registered gains for the week. On Monday, stocks sank , with the Dow dropping nearly 500 points.
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