Low volatility does lead to a big move. My guess is that its going to be a move to the upside. Another 3-5%. All international indices making fresh highs today. This should continue for quite sometime.
this narrow range in the dow exceeds any narrow range before it after 1926 iow, it's the least volatile multiday stretch in 80 years volatility is cyclical. hint hint hint
my take on the why of this: simply that corporate earnings are through the roof. i see an up trend in SP-500 daily, weekly, monthly. corporate earnings are so high that they're supporting higher equity prices, imo.