Yesterday, Goldman was out with a piece where they hypothesized that "we are in a new [lower] VIX regime". Of course, the writings were immediately trashed by ZeroHedge.
I'm not participating in
that discussion, but rather highlight another interesting point: the current
rally has reached a very broad level. The monthly "NYSE 52 new highs"
shows that "something has changed" in the market: at no point during
the last 20 years had we seen that many stocks recording new highs:
Not sure if the observation is bullish or bearish, but it at least supports the notion that the market enters a different domain, which was also Goldman's message.