Traders Beware: Low Volatility and New Fear Gauge Signal Sell-Offs

JPMorgan's Marko Kolanovic warns that the stock market is too calm despite facing headwinds such as rising interest rates, credit tightening, and macro risks. He attributes the low volatility to temporary technical factors, specifically the dominance of option sellers, which artificially suppresses perceptions of macro fundamental risk. Kolanovic recommends selling bounces and taking profits to reduce exposure.