JPMorgan: VIX Could Unwind Further, US Stocks Are ‘Outright Expensive’

Well you wouldn't know it from looking at futs, but some people are still worried that a meaningful pullback in risk assets may be imminent. As our favorite market cynic (well, "favorite" other than ourselves) Richard Breslow noted in his Monday missive, people are getting a bit freewheeling in their use of the term "risk-off" these days. But be that as it may, one can't help but get the feeling that "something wicked this way comes." Sounding the alarm bells this morning are JPMorgan's Misla