A long-term chart of the VIX shows several recent lows, which led to a subsequent retracements.
The previous period of ultra low volatility was from 1992-97. That low volatility period began 5 years after the 1987 crash, when interest rates were much higher than at present.
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Quote of the Day
“The public preference for stock is not only as marked as ever, but also the will to speculate is still a speculative factor not to be overlooked. The prompt return of huge speculation and the liberal manner in which earnings are again being discounted indicate that it will be difficult to quench the fires of stock market enthusiasm for long.”
– Barron’s, March 24, 1930