From the WSJ:
“I still smell smoke,” he said. “The level of complacency implied by the low VIX does not correspond with all that we’re hearing about how disappointing earnings season is going to be,” he added.
“It’s still a high volatility-of-volatility world, and volatility can turn around quickly,” said Rocky Fishman, a strategist at Deutsche Bank.
From Market Watch :
According to contrarian investing 101, low volatility means high complacency, and high complacency is usually seen near major market tops.