The VIX has risen for four consecutive weeks as the Strait of Hormuz conflict drags on, even though shipping through the chokepoint has thinned sharply since the war began. Investor sentiment surveys show unusually high bearish and bullish readings at the same time, a sign of genuine uncertainty rather than calm. Researchers have long found that people feel losses about twice as intensely as equivalent gains, which is why a slow climb without a single sharp drop often catches clients off guard.
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