The majority of Chicago traders are often paranoid and, without a doubt, always skeptical.
As equity markets continue to push higher to record-setting levels, traders and money managers alike continue to question the fundamentals of the market.
That being said, enough options players out there are not expecting any turbulence on the horizon and therefore the CBOE Volatility Index—also known as the VIX—remains at subdued levels around 13.
As the VIX is specific to the implied volatility expectations of the S&P 500, I feel it is important to take a more global perspective. The chart below depicts the "spread" or disparity between implied volatility in U.S. stocks (S&P 500) to the DAX (Germany's Dow Jones).