In March, almost all U.S. energy companies had a share price below $5. It hasn't changed much since then. A majority have share prices even below $2. This is beyond any other extreme over the past 20 years.; There has been a sudden and large increase in implied volatility in bond options. While this concerns some investors who worry about this bleeding into the stock market, historically a quick rise in bond volatility has not done so. There was a consistent pattern of the VIX dropping in the months ahead, while stocks rose.

---