From VIX exuberance to prudent fear

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hbSdzIE1hcmtldCBTZW50aW1lbnQgSW5kaWNhdG9yIChNU0kpLCB3aGljaCBhZ2dyZWdhdGVzIHN1cnZleSwgcG9zaXRpb25pbmcsIHZvbGF0aWxpdHksIGFuZCBtb21lbnR1bSBkYXRhLCB0dXJuZWQgcG9zaXRpdmUgYSBmZXcgZGF5cyBhZ28sIGV4aXRpbmcgdGhlIG5ldXRyYWwgcmVhZGluZyBpdCBoYXMgaGVsZCBzaW5jZSBBdWd1c3QgMjMsIDIwMjMuPC9wPgoKPHA+PGEgZGF0YS1pbWFnZS1leHRlcm5hbC1ocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvZjAyMzllNzIwMGY4ODljMDhiZTI4NzZmZmYyMDI3MGUucG5nIiBocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvZjAyMzllNzIwMGY4ODljMDhiZTI4NzZmZmYyMDI3MGUucG5nIj48aW1nIGRhdGEtcmVzcG9uc2l2ZS1pbWFnZS1zdHlsZT0iaW5saW5lX2ltYWdlcyIgc3JjPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvZjAyMzllNzIwMGY4ODljMDhiZTI4NzZmZmYyMDI3MGUucG5nIiB3aWR0aD0iNTAwIiAvPjwvYT48L3A+Cgo8aDU+PGVtPlNvdXJjZTogTW9yZ2FuIFN0YW5sZXkgPC9lbT48L2g1PgoKPHA+wqA8L3A+Cgo8aDI+PHN0cm9uZz5UaGUga2luZyBvZiBzaWduYWxzIHNheXMgYnV5PC9zdHJvbmc+PC9oMj4KCjxwPkJvZkEncyBidWxsIGFuZCBiZWFyIGluZGljYXRvciBoYXMgY29udGludWVkIG1vdmluZyBsb3dlciBhbmQgaGFzIHN0YXJ0ZWQgZmxhc2hpbmcgdGhlIGNvbnRyYXJpYW4gYnV5IHNpZ25hbCBoZXJlLiBUcmFjayByZWNvcmQgaXM6ICIuLi5tZWRpYW4gMy1tb250aCByZXR1cm5zIHBvc3QgYnV5IHNpZ25hbCBpbXBseSA9IFVTIHN0b2NrcyA1LjQlLCBnbG9iYWwgc3RvY2tzIDcuNiUiLiBEYXJlIHRvIGJlIGNvbnRyYXJpYW4gaGVyZT88L3A+Cgo8cD48YSBkYXRhLWltYWdlLWV4dGVybmFsLWhyZWY9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy8xMmNlOWRmMTQ0MTUxYTViOGI3ZTBhNDUyNzk1Y2ZiOC5wbmciIGhyZWY9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy8xMmNlOWRmMTQ0MTUxYTViOGI3ZTBhNDUyNzk1Y2ZiOC5wbmciPjxpbWcgZGF0YS1yZXNwb25zaXZlLWltYWdlLXN0eWxlPSJpbmxpbmVfaW1hZ2VzIiBzcmM9Imh0dHBzOi8vdG1lMi5ueWMzLmNkbi5kaWdpdGFsb2NlYW5zcGFjZXMuY29tL2ltYWdlcy8xMmNlOWRmMTQ0MTUxYTViOGI3ZTBhNDUyNzk1Y2ZiOC5wbmciIHdpZHRoPSI1MDAiIC8+PC9hPjwvcD4KCjxoNT48ZW0+U291cmNlOiBCb2ZBPC9lbT48L2g1PgoKPHA+wqA8L3A+Cgo8aDI+PHN0cm9uZz5UcmVhc3VyaWVzIGluZmxvdyBtYW5pYTwvc3Ryb25nPjwvaDI+Cgo8cD5Mb25nZXN0IHN0cmVhayBvZiBpbmZsb3dzIGludG8gVHJlYXN1cmllcyBzaW5jZSAyMDEwLi4uPC9wPgoKPHA+PGEgZGF0YS1pbWFnZS1leHRlcm5hbC1ocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvNzI5NjUwMWQ1ZjY1MWY4Yzc4NmYxZWQ2NjgwMTgxODIucG5nIiBocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvNzI5NjUwMWQ1ZjY1MWY4Yzc4NmYxZWQ2NjgwMTgxODIucG5nIj48aW1nIGRhdGEtcmVzcG9uc2l2ZS1pbWFnZS1zdHlsZT0iaW5saW5lX2ltYWdlcyIgc3JjPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvNzI5NjUwMWQ1ZjY1MWY4Yzc4NmYxZWQ2NjgwMTgxODIucG5nIiB3aWR0aD0iNTAwIiAvPjwvYT48L3A+Cgo8aDU+PGVtPlNvdXJjZTogQm9mQTwvZW0+PC9oNT4KCjxwPsKgPC9wPgoKPGgyPjxzdHJvbmc+VGhlIG9iZXNpdHkgYnVsbDwvc3Ryb25nPjwvaDI+Cgo8cD5XZSBoYXZlIHNlZW4gdGhlc2UgdHlwZSBvZiBjaGFydHMgYmVmb3JlLi4uPC9wPgoKPHA+PGEgZGF0YS1pbWFnZS1leHRlcm5hbC1ocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvZjVkOWFkODEwOWVmMjcyZDgxMmE3YzdlODM2YzQxNzkucG5nIiBocmVmPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvZjVkOWFkODEwOWVmMjcyZDgxMmE3YzdlODM2YzQxNzkucG5nIj48aW1nIGRhdGEtcmVzcG9uc2l2ZS1pbWFnZS1zdHlsZT0iaW5saW5lX2ltYWdlcyIgc3JjPSJodHRwczovL3RtZTIubnljMy5jZG4uZGlnaXRhbG9jZWFuc3BhY2VzLmNvbS9pbWFnZXMvZjVkOWFkODEwOWVmMjcyZDgxMmE3YzdlODM2YzQxNzkucG5nIiB3aWR0aD0iNTAwIiAvPjwvYT48L3A+Cgo8aDU+PGVtPlNvdXJjZTogTVM8L2VtPjwvaDU+Cgo8cD7CoDwvcD4KCjxwPjxlbT5TZWUgVE1FJ3MgZGFpbHkgbmV3c2xldHRlciBlbWFpbCBhYm92ZS4gRm9yIHRoZSAyNC83IG1hcmtldCBpbnRlbGxpZ2VuY2UgZmVlZCBhbmQgdGhlbWF0aWMgdHJhZGluZyBlbWFpbHMsIHNpZ24gdXAgZm9yIFpIIHByZW1pdW0gPGEgaHJlZj0iaHR0cHM6Ly93d3cuemVyb2hlZGdlLmNvbS9wcmVtaXVtIiB0YXJnZXQ9Il9ibGFuayI+aGVyZTwvYT4uPC9lbT48L3A+Cg==