Deciphering the VIX Index and the Rally in Overconfidence

Hip hip, hooray! Hip hip, hooray!

Our little big bull market celebrated its one-year anniversary yesterday, albeit in tentative style. The Dow managed to eke out an 11-point gain, while the broader S&P 500 fared only slightly better. Investors, it appears, are awaiting the next catalyst to keep the momentum going. But are they running out of excuses to buy?

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