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A Freakish Calm Surrounds the Eight-Year Bull Market

  • VIX-adjusted P/E tops dotcom era, a sign of complacency?
  • History shows volatility tends to rise in an aging cycle
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U.S. Stocks Slip as Energy Leads Declines

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If the bull market is worried about dying, it’s not letting on.

Eight years along and no existential crisis plagues this advance, whose unbroken march from the depths of the Great Recession is the second longest ever. Valuations are stretched and going by its age the rally is in rarefied air. But volatility, the ticker tape of investor anxiety, is nowhere to be found.