VIX Spiked 70% on November 5: What History Says About the S&P 500 Next
As seen on the 24/7 Wall St. homepage on November 10, 2026.
Borgeat is treating last week's volatility shock as an entry point, pairing the stat with a blunt call to buy tech.
The VIX jumped 70% on November 5. Only two days since 1990 saw a bigger jump. After the 20 largest spikes, the S&P 500 was up 17% a year later on average. Fear decides the day. Earnings decide the year and months therafter. https://t.co/N4eJyu4cUN https://t.co/P2Y0BM9VxJ [Quoted @ThierryBorgeat]: 1998 All Over Again. Buy Tech. Read here: https://t.co/RhwRLDMgiH https://t.co/Bc8AujZ9E3
- Replies2
- Reposts0
- Likes1
Continue ReadingShow less
On November 5, the CBOE Volatility Index surged 70%, a move so extreme that only two single-day jumps in the entire history of the index since 1990 were larger. That places the session in genuinely rare company, a statistical outlier that markets tend to remember.
Thierry Borgeat's analysis puts that spike in a longer frame by looking at the 20 biggest VIX jumps on record. After those extreme fear events, the S&P 500 was up 17% on average one year later. That historical pattern is consistent enough to draw serious attention from investors deciding whether panic-driven selling is an opportunity.
Sponsored
Borgeat pairs the volatility data with a blunt call to buy tech, linking it to a separate note titled '1998 All Over Again.' The 1998 comparison is a reference to a period of sharp market turbulence followed by a powerful recovery, particularly in technology stocks, though the substance of that argument lives in his linked research rather than the post itself.
Fear decides the day, while earnings decide the year and the months that follow. For investors keeping an eye on the market after a volatility shock, the historical record after the largest VIX spikes has generally rewarded those who held or added exposure.