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With the S&P having traded as high as 2,400 last month, which is also JPM's year end price target, and having dipped a modest 3% since then peak to trought, some traders were worried if this is finally the start of the inevitable correction that has evaded stocks for so long. Not according to JPM, though. Recall that several weeks ago, JPM's Marko Kolanovic called for an imminent bounce in volatility following the March quad-witching.

It appears a number of sell-side shops are catching on to just how unprecedentedly low VIX was in Q1, as we noted first here.

Despite a quarter characterized by elevated policy uncertainty and an intense focus on tax reform, infrastructure spending and deregulation, U.S. equities had one of their lowest volatility quarters on record.

After a stellar quarter for US equities, stocks have unexpectedly slumped on the first day of Q2 despite "whispers" of pent upmutual fund reallocation into risk assets that would take place today.

Authored by Mike Shedlock via MishTalk.com,

If Central Banks wanted to make a positive impact on the global economy, they would abolish themselves and let the free market set rates.

Instead, and after pursuing a 2% inflation target for decades, central bankers now ponder the need for even higher rates of inflation.

Rethinking Made Worse

Please consider Rethinking the Widely Held 2% Inflation Target.

Amid the stock's best day in 6 months, pushing the taxpayer-subsized company to record highs, Tesla's CEO Elon Musk has three brief words for some speculators...

Stormy weather in Shortville ...

— Elon Musk (@elonmusk) April 3, 2017

It appears "Pride goes before destruction, and haughtiness before a fall," was not a consideration for Mr. Musk.