The 2017 equity market environment will best be remembered by two things:
1. Record low realized equity volatility
The lowest realized volatility in history. The rolling 14-day realized volatility for the S&P 500 (SPY) is currently .37% - while the VIX is very low historically (the VIX has made all-time daily closing lows multiple times in the last few months), it is actually somewhat pricey relative to the incredibly low realized volatility we are currently witnessing.
2. Almost daily Trump tweets about record highs in the Dow
Welcome to 2017, enjoy it while it lasts!
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