Bull Market Bashers Can’t Cry Complacency

At the same time, the CBOE Volatility Index, or VIX, has fallen steadily to levels last seen just before the plunge despite the rise in global trade tensions, political unrest and major central banks talking about joining the Federal Reserve in cutting back on extraordinary stimulus measures. At about 16 times earnings estimates for 2019, the S&P 500 is cheaper now than in late January despite profit forecasts rising to about $178 a share from $161 then.