This time last year we got the start of the signal that lower and lower volatility wouldn’t be with us forever, with the biggest one-day percentage move in the VIX and the subsequent immolation of the linked inverse ETN, the XIV. Today, the VVIX, which measures the change in the VIX (that is, the volatility of volatility) is at its lowest since July 2017 (h/t @dynamicvol).
So, not only is nothing moving, it’s persistently not moving.
This, despite a plethora of events: earnings season in the US . . .