Low Vol, No Vol

Fool, said I, you do not know
Silence like a cancer grows
--Simon & Garfunkel

While recent headlines have emphasized more all time highs in the major equity indexes, the extremely low volatility context that surrounds them have largely been ignored. As ZeroHedge notes, it has now been 13 days since the SPX has moved more than 0.3% in either direction.

Am reminded of observations that unstable systems often go quiet before breaking apart. Minsky's theory that 'stability breeds instability' also comes to mind.

Silence is not necessarily a harbinger of peace and solitude.

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