Yes, yes it is.
The psychologist Abraham Maslow famously said, “When the only tool
you have is a hammer, everything looks like a nail.” It has become
increasingly common to see financial journalists and bloggers refer to
the VIX as an indicator of market sentiment and sometimes of market
direction, and those authors inclined toward technical analysis even
apply their tools to draw predictive conclusions. But the VIX doesn’t
seem to act very nail-like in spite of the best efforts of
hammer-wielding technicians.
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