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Crisis? What crisis?

Some important risk needles are back in the green, as if nothing had happened.

The VIX closed on Friday with an 11 handle, which happened less than 8% of the time since 1990.

As if the Greece/EU situation was resolved forever, the global effects of the equity correction in China were clear and the impact of upcoming rate rises in the US, the UK and perhaps others, were fully understood and priced in.

Make no mistake, risks remain aplenty, but the VIX reads low for a number of reasons including low interest rates, some good earnings reports and Google’s gravity-defying surge last week.

Meanwhile, the ALPIMA Risk Indicator is firmly in “Risk On” territory, at least for now.