Why is the Vix so low? Now, weâre not the first to notice that the Vix seems to be under-fearing the current crisis somewhat. Dean Curnutt, President of Macro Risk Advisors, for one, has noticed too. And as he wrote this week: Set against the backdrop of the global growth story, many argue the market has resumed its logical path higher, and that its ability to weather recent uncertainty speaks to the strength of the fundamentals. While the degree of stimulus offered by US monetary policy should not be underestimated, we believe recent events severely cloud the continued benign outlook for risk. Simply put, we think the market is substantially mispricing the degree of uncertainty that has materialized over the recent time period. We believe risk appetite is vulnerable. http://ftalphaville.ft.com/blog/2011/03/31/532591/why-is-the-vix-so-low/ Attention. "The 6.5-point drop in March was the largest on record, surpassing the falls seen after the collapse of Lehman Brothers in September 2008 and the U.S. terror attacks in September 2001, MarkIt Economics said, adding that the March PMI index was the lowest since 41.4 marked in April 2009." :eek: