The CBOE Volatility Index, commonly known as the market's fear gauge, has reached a record low for the year. According to one professional trader, this is welcome news for the stock market.
"The big surprise this week was all the positive news, though it may not seem so initially," Boris Schlossberg of BK Asset Management said Friday on CNBC's "Trading Nation." "The world did not fall apart as the market had expected."
Included in that positive news were resolutions in Greece and Iran, calming concerns about the state of oil and global markets. To top it off, companies such as Google and Netflix kicked off the second-quarter earnings season with better-than-expected results.
"We seem to have this aura of calmness," Schlossberg said. "It's very likely stock gains are going to continue, and the VIX is going to continue to go down."
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The VIX dropped 29 percent over the week to 12.04 on Friday, the lowest level since December 2014. The fear index, which measures implied volatility based on options and signals investor uncertainty, reached its peak in October 2008 at 89.53.