Today’s bubblevision blather is about whether…..possibly, maybe—-there is too much “complacency” on Wall Street.
It turns out that the VIX—the market’s so-called “fear gage”—– is back down to last year’s lows. In fact, at a reading of 10.85 this morning it stands lower than the 11.11 level resistered on August 9, 2017, and is miles below the 37.2 reading during the early February stock plunge.
Pardon our cynicism, but you could say this makes all the sense in the world. After all, the stock market has become a pathetically medicated sock puppet of the Fed. And the latter sees nary a cloud in sight: Just a “strong” economy and a perfectly piloted economic landing (if they must say so themselves!) on the terra firma of permanent full employment, world without end.