The MOVE Index Screams Warning

Bond volatility. There is one "fakeout" on the chart, the spike in 2013. That was the "Taper Tantrum" that didn't have a lasting impact on the stock or bond market. The other spikes have seen major corrections in stocks and bonds. One is underway now, but the question is whether MOVE keeps rising. If yes, then the move lower in stocks and bonds will start looking like a drawing of an elevator shaft.