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New Normal For Volatility Index May be Higher

The days of the VIX trading in the 12 level may be over as 14, 15, 16 seems more "normal", as VIX and implied volatility is sensitive to mean reversion, according to Swan Wealth Advisors Head of Trading Mark Sebastian. Sebastian says even with Janet Yellen holding her first meeting at the helm of the Fed, fair-at-best economic data and tepid earnings quality, he is surprised that the market is trading as strong as it is. TheStreet's Jill Malandrino has details from Wall Street.