"I don't need to look at the VIX to see volatility," said Barry Glassman, a certified financial planner and head of Glassman Wealth Services. "I talk to my clients, and I can see that volatility is back."
Indeed, the major stock market indexes have had daily price swings of more than 1 percent far more often this year than last. Meanwhile, the yield on the 10-Year Treasury bond has risen by almost 75 basis points since bottoming at 1.64 percent in early February—its biggest sustained increase since mid-2013. Between the anxiety over coming interest-rate hikes by the Federal Reserve and more messy negotiations on Greece's financial predicament, most advisors expect the volatility to continue.
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"We're in the sixth year of a bull market, valuations are at historic highs, and we have uncertainty about the economy and interest rates," said Shannon Eusey, co-founder and president of Beacon Pointe Advisors. "I think we'll continue to see a lot of volatility."
So far, the stock market has recovered rapidly each time it has faltered in the last six months. Glassman said the uptick in volatility gives investors a chance to do some soul-searching.
"It's a great opportunity for investors to assess the small dips we've had and consider how they would react to more volatility," he said. "They need to know that a 10 percent correction in the Dow means an 1,800-point drop.