Here we have the SPX
contract) versus the short-term VIX volatility
index (inverted). Both point to a short-term speculative bid to see the market rebound. Equity traders 'buy the dip' while options traders 'sell vol'. Both sides groups have picked the low-hanging fruit. To continue higher, the new investment will need to be more committed to the buy-and-hold mentality. Not much of that left in the market.