As the outlook for stocks becomes increasingly uncertain, there are signs that unlike during recent geopolitical crises, the big money is starting to get nervous.
"There is a sign that more fear is creeping into the market, and we've been doing the Greek dance for—God, I forgot how many years now. But what we're seeing is elevated levels in indexes that were not elevated in the past, so we're seeing people move into safer assets," said options expert Dennis Davitt of Harvest Volatility Advisors.
One indicator that stands out to Davitt is the comparison between corporate bond yields and Treasury yields. That spread has widened out considerably, meaning that investors are now demanding a greater return for riskier (albeit still quite safe) bonds.