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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here to learn more.

"... In the Chart of the Day below we plot daily price moves >1% in the S&P500 by year.  The bubble size corresponds to the average VIX level for the period. 

 

2014 marked the peak in policy induced complacency (implicit in the transition from explicitly “lower for longer” to “data dependence” is elevated uncertainty & the removal of a structural policy anchor on volatility) and with the Fed now attempting divergent policy action into a slowdown, volatility won’t be re-interred anytime soon." 

CHART OF THE DAY: Why Volatility Won't Settle Down Anytime Soon | $VIX - EL SnP