{"id":238627,"date":"2026-02-03T13:06:46","date_gmt":"2026-02-03T18:06:46","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=238627"},"modified":"2026-02-04T03:10:11","modified_gmt":"2026-02-04T08:10:11","slug":"strong-currents-under-a-placid-surface","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/","title":{"rendered":"Strong Currents Under a Placid Surface"},"content":{"rendered":"\n

Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond yields remain relatively placid.  The Cboe Volatility Index (VIX) remains mired in the mid-teens, and the ICE BofA Move Index, which measures US bond market volatility, is at a level not seen in over 4 \u00bd years.  The appearance of calm indices even as some of their components are gyrating is an important consideration for investors.<\/p>\n\n\n\n

Amidst some big intraday swings in precious metals last week, we wrote on Thursday<\/a> about how volatility tends to increase at turning points.  That topic understandably arose during a media appearance<\/a> amidst the next day\u2019s plunges in precious metals.  One of the hosts asked an important question \u2013 might we be seeing something similar in stock and bond markets to the volatility that presaged Friday\u2019s metals meltdown?  My answer was a resounding \u201cmaybe.\u201d  Remember, this was just a day after we saw double-digit post-earnings moves in key stocks with multi-trillion-dollar capitalizations (Microsoft (MSFT), -10.0%, and Meta Platforms (META), +10.4%).  Individual stocks and whole sectors are clearly putting in some major moves, but often in offsetting directions. <\/p>\n\n\n\n

Rotation is occurring.  The tricky question is whether it is a benign reallocation of exposure or a sign of some underlying instability.<\/p>\n\n\n\n

Within equities, one place to look is the Cboe Dispersion Index (DSPX).  It measures<\/a>:<\/p>\n\n\n\n

the expected dispersion in the S&P 500\u00ae over the next 30 calendar days, as calculated from the prices of S&P 500 index options and the prices of single stock options of selected S&P 500 constituents, using a modified version of the VIX\u00ae methodology.<\/em><\/p>\n\n\n\n

The Cboe website further explains<\/a>:<\/p>\n\n\n\n

From a theoretical perspective, the Dispersion Index uses the level of the VIX Index as an explicit input to its calculation, where its square used to represent the expected variance of the S&P 500 over the next 30 days. The Dispersion Index also uses a version of the VIX Index methodology to calculate expected variances for the S&P 500’s constituents, which are also inputs to the Dispersion Index calculation.                           <\/em><\/p>\n\n\n\n

Based on the methodology alone, all else being equal, if the VIX Index rises, the Dispersion Index would be expected to decline. However, all else is not typically equal: when S&P 500 index volatility rises, the volatility of S&P 500 constituents typically also increases, and if the market expectations for single stock variances rise more than the expectations for index variance, then the Dispersion Index would be expected to increase together with the VIX Index.  Empirically, this has frequently been the case\u2026                                          <\/em><\/p>\n\n\n\n

In recent weeks, we have seen DSPX rise even as VIX remains relatively contained.  While this can be a boon to stock pickers who are able to select the divergent winners and losers, it also shows that traders are pricing in much more volatility for key index components than they are for the index itself.  In the chart below, we see that there were similar bumps in DSPX relative to VIX in July-August 2024, February 2025, and October 2025.  All of those spreads were followed by dips in SPX, though of course all amounted only to short-term dips (one of which was quite significant), rather than major turning points.<\/p>\n\n\n\n

2-Years, DSPX (red\/green daily candles, right scale), VIX (purple line, left scale)<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

Dispersion is commonly thought of as the flip side of correlation.  In prior pieces<\/a>, we have noted similar divergences between the Cboe 1-Month Implied Correlation Index (COR1M).  In the case of COR1M, however, the methodology is similar<\/a> to that of DSPX:<\/p>\n\n\n\n

The Cboe Implied Correlation index measures correlation market expectations by quantifying the spread between the SPX index implied volatility and the average single-stock basket component implied volatility.<\/em><\/p>\n\n\n\n

We have noted times when VIX exceeded COR1M by a significant amount as situations when index traders are indicating more caution than the market correlations imply.  It can presage market dips.  That said, while we saw that sort of divergence earlier this month, it has since closed considerably. <\/p>\n\n\n\n

6-Months, COR1M (red\/green candles), VIX (blue line)<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: Interactive Brokers<\/em><\/p>\n\n\n\n

While the scenario remains murky, I find it impossible to ignore the huge crosscurrents underneath the placid surfaces of the stock market.  It is difficult to say that a major turning point is upon us, but I do fear that the past divergence in COR1M and the current one in DSPX should make traders at least a bit wary of a potential pop in volatility.<\/p>\n\n\n\n

5-Years, MOVE (white daily dots), 50-Day Moving Average (yellow line)<\/em><\/strong><\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Source: Bloomberg<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond yields remain relatively placid. The Cboe Volatility Index (VIX) remains mired in the mid-teens, and the ICE BofA Move Index, which measures US bond market volatility, is at a level not seen in over 4 \u00bd years. The appearance of calm indices even as some of their components are gyrating is an important consideration for investors.<\/p>\n","protected":false},"author":4,"featured_media":238638,"comment_status":"open","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[14700,18,6,19,8,9,26,3],"tags":[],"contributors-categories":[13576],"class_list":{"0":"post-238627","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-market-insights","8":"category-macro","9":"category-north-america","10":"category-options","11":"category-region","12":"category-securities","13":"category-text-articles","14":"category-traders-insight","15":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nStrong Currents Under a Placid Surface | Traders' Insight<\/title>\n<meta name=\"description\" content=\"Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/238627\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strong Currents Under a Placid Surface | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond yields remain relatively placid. The Cboe Volatility Index (VIX) remains mired in the mid-teens, and the ICE BofA Move Index, which measures US bond market volatility, is at a level not seen in over 4 \u00bd years. The appearance of calm indices even as some of their components are gyrating is an important consideration for investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2026-02-03T18:06:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-04T08:10:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t \"@context\": \"https:\\\/\\\/schema.org\",\n\t \"@graph\": [\n\t {\n\t \"@type\": \"NewsArticle\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Steve Sosnick\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t },\n\t \"headline\": \"Strong Currents Under a Placid Surface\",\n\t \"datePublished\": \"2026-02-03T18:06:46+00:00\",\n\t \"dateModified\": \"2026-02-04T08:10:11+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/\"\n\t },\n\t \"wordCount\": 859,\n\t \"commentCount\": 3,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/02\\\/BOAT-FEATURED-IMG.jpg\",\n\t \"articleSection\": [\n\t \"IBKR Insights\",\n\t \"Macro\",\n\t \"North America\",\n\t \"Options\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Text Articles\",\n\t \"Traders' Insight\"\n\t ],\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"CommentAction\",\n\t \"name\": \"Comment\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/#respond\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"WebPage\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/\",\n\t \"name\": \"Strong Currents Under a Placid Surface | IBKR Campus US\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t },\n\t \"primaryImageOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/02\\\/BOAT-FEATURED-IMG.jpg\",\n\t \"datePublished\": \"2026-02-03T18:06:46+00:00\",\n\t \"dateModified\": \"2026-02-04T08:10:11+00:00\",\n\t \"description\": \"Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond yields remain relatively placid. The Cboe Volatility Index (VIX) remains mired in the mid-teens, and the ICE BofA Move Index, which measures US bond market volatility, is at a level not seen in over 4 \u00bd years. The appearance of calm indices even as some of their components are gyrating is an important consideration for investors.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/\"\n\t ]\n\t }\n\t ]\n\t },\n\t {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/ibkr-market-insights\\\/strong-currents-under-a-placid-surface\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/02\\\/BOAT-FEATURED-IMG.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2026\\\/02\\\/BOAT-FEATURED-IMG.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563\n\t },\n\t {\n\t \"@type\": \"WebSite\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"name\": \"IBKR Campus US\",\n\t \"description\": \"Financial Education from Interactive Brokers\",\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"SearchAction\",\n\t \"target\": {\n\t \"@type\": \"EntryPoint\",\n\t \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t },\n\t \"query-input\": {\n\t \"@type\": \"PropertyValueSpecification\",\n\t \"valueRequired\": true,\n\t \"valueName\": \"search_term_string\"\n\t }\n\t }\n\t ],\n\t \"inLanguage\": \"en-US\"\n\t },\n\t {\n\t \"@type\": \"Organization\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t \"name\": \"Interactive Brokers\",\n\t \"alternateName\": \"IBKR\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t \"logo\": {\n\t \"@type\": \"ImageObject\",\n\t \"inLanguage\": \"en-US\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t \"width\": 669,\n\t \"height\": 669,\n\t \"caption\": \"Interactive Brokers\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t },\n\t \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t },\n\t {\n\t \"@type\": \"Person\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\",\n\t \"name\": \"Steve Sosnick\",\n\t \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t \"sameAs\": [\n\t \"https:\\\/\\\/ibkr.com\"\n\t ],\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Strong Currents Under a Placid Surface | Traders' Insight","description":"Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/238627\/","og_locale":"en_US","og_type":"article","og_title":"Strong Currents Under a Placid Surface | IBKR Campus US","og_description":"Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond yields remain relatively placid. The Cboe Volatility Index (VIX) remains mired in the mid-teens, and the ICE BofA Move Index, which measures US bond market volatility, is at a level not seen in over 4 \u00bd years. The appearance of calm indices even as some of their components are gyrating is an important consideration for investors.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/","og_site_name":"IBKR Campus US","article_published_time":"2026-02-03T18:06:46+00:00","article_modified_time":"2026-02-04T08:10:11+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"Strong Currents Under a Placid Surface","datePublished":"2026-02-03T18:06:46+00:00","dateModified":"2026-02-04T08:10:11+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/"},"wordCount":859,"commentCount":3,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg","articleSection":["IBKR Insights","Macro","North America","Options","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/","name":"Strong Currents Under a Placid Surface | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg","datePublished":"2026-02-03T18:06:46+00:00","dateModified":"2026-02-04T08:10:11+00:00","description":"Amidst the turmoil in various assets \u2013 I\u2019m thinking of you, precious metals, cryptocurrencies, and various tech stocks \u2013 stock indices and bond yields remain relatively placid. The Cboe Volatility Index (VIX) remains mired in the mid-teens, and the ICE BofA Move Index, which measures US bond market volatility, is at a level not seen in over 4 \u00bd years. The appearance of calm indices even as some of their components are gyrating is an important consideration for investors.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/ibkr-market-insights\/strong-currents-under-a-placid-surface\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg","width":1000,"height":563},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets several media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2026\/02\/BOAT-FEATURED-IMG.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/238627","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=238627"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/238627\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/238638"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=238627"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=238627"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=238627"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=238627"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}