Traders are looking for fear, and not finding it...at least not in stocks. Yesterday, the Volatility Index (VIX), a measure of the intensity of buying in near-term put and call options on the S&P 500, dropped 14 percent--a rather rare event.
Today, with the ten-year yield over 2.9 percent, I thought surely we would see a little concern that traders might bid up put options.
Not so.The VIX has been down most of the trading day Thursday. At 13 and change, is not far from the lows for the year.