An article published today by CBOE. About volatility. Here's a summary:

1. From a cross-asset perspective, most are at lows, with crude oil volatility rising significantly and being extremely bullish.

2. The VIX index measuring stocks, despite its low reading, has undergone structural changes, with more puts being bought, and defensive positions still trending upward. The gap between index volatility and individual stock volatility exceeds the 90% percentile. In other words, as earnings season approaches, the market remains more focused on fundamentals rather than macro factors.

3. Despite Trump's attack on Powell, from a volatility perspective, the market's reaction seems minimal. Or, it does not believe there is a substantial threat.