While broad measures of market volatility aren't showing outlandish readings, volatility is being transmitted among subsets of the market like a virus. So observes Nicholas Colas, chief market strategist at Convergex.
"We're seeing risk filter through in ways that aren't linear," Colas said Monday. "The transmission mechanism of communicable disease and investor fear works in much the same way, and we have some time to go before we either find a cure or the illness runs its course."
In other words, since the current volatility being experienced doesn't have any one cause, it's not likely to simply evaporate.