Looking for lower market rates is the simplest interpretation of the wider backdrop. However, an upward creep in US inflation and a slow firming of Eurozone purchasing managers’ indexes argue against.

I see little reason to believe we have seen the end of this rally. There is no fiscal discipline anywhere.

And bingo, VIX is right back down - sharply. I am not surprised, but want to see rotation back to the new-era tickers, and expect that soon.