As Capital Wave Strategist Shah Gilani says, the big indexes are hitting "serial record highs" in a market where there are now fewer stocks than there are indexes that track them - some 4,000 stocks against more than 5,000 indexes.
Of course the "Big Three," the Dow Jones Industrial Average, S&P 500, and the Nasdaq, with their unprecedented strength, are the ones everyone's watching right now.
There's one important index, however, that's continually scraping record lows. The Chicago Board Options Exchange Volatility Index - the VIX. The VIX measures volatility in short-term S&P 500 options but has come to be thought of by regular investors as a powerful broad-market "fear index."
It seems the market has no "fear" right now, as it braves new heights with essentially zero volatility. And that's got some investors concerned that any sensibility has gone right out the window, replaced by classic "irrational exuberance."
So FOX Business' Gerri Wilder turned to the guy that helped develop the VIX (that would be Shah, of course) to see whether the record lows on the once-roaring "fear gauge" are cause for concern.
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