Yet we have another all-time high close for SPX with the outlook for equities very bright indeed. Not so much on the fixed income side which had a massive correction in the last two weeks. The story is in the IV and here they tell two different things. The volatility for volatility as measured by the UVXY is near 1 year lows. That is right with equities clocking in highs vol of vol is in the basement. This is how it should be.