VIX comes and goes. Volatile markets are preceded by quiet markets. It's not the HFT'ers, although I doubt they help. We just gotta wait it out until the sky falls.
Aren't market tops and bottoms usually associated with volatility? The way chaotic systems behave is that calm begets calm and volatility begets volatility, that is until it changes. When that change will happen, nobody knows, at least not with anything greater than 50% precision.
thats it..there is no new product or central bank that is suppressing vol. its just the way the macro works. when it turns vol will be back and everyone will be shocked like they are now in current conditions. patience.