Large speculators, mostly hedge funds, are shorting the VIX to a level not seen in at least 15 years. Such extreme over confidence and market complacency invariably occurs just prior to a 'surprise' fall in the stock market.
https://www.bloomberg.com/news/articles/2019-04-26/hedge-funds-are-shorting-the-vix-at-a-rate-never-seen-before
When everyone is thinking the same, no one is thinking.
