US stocks rebounded last week, but both the NASDAQ-100 (NDX) and Russell 2000 (RUT) slightly lagged the S&P 500 (SPX). The NDX rose 0.69% and the RUT was up by 1.04% while the S&P 500 rose 1.38%. Interestingly the respective volatility indexes for each of these markets followed the lead of their primary market. The CBOE Volatility Index (VIX) was down 15.82%, the CBOE Russell 2000 Volatility Index (RVX) was 11.22% lower and finally the CBOE NASDAQ-100 Index dropped by 8.15%. This may be interpreted as a bigger drop in global market risk versus domestic market risk. I often compare RVX to VIX as a measure of global concerns versus concerns about the domestic economy. So far this year, with a couple of exceptions that has been how VIX versus RVX has appeared. For the past couple of weeks global risk perceptions were slightly elevated, but now that some of the recent situations that cause the markets to be a bit nervous have subsided, VIX is back to a bigger discount relative to RVX and VXN.