It's quiet out there...Too quiet..." So goes the old movie line, usually spoken by a laconic hero, surveying the landscape and wondering when the enemy will arrive.

And, as DataTrek Research's Nicholas Colas notes, US equity markets feel much the same way at the moment. A few weeks ago, the mood seemed outright bearish, or at least extremely cautious. Now, with the S&P and Russell sneaking up on their all time highs (and the NASDAQ through it) all is sunshine and light once again. "Too quiet" indeed.

And nowhere is that more evident than the decoupling of VIX from 'risk'...

Trade war, meh!