It's unusual for the index to be that high at a time when stocks are notching fresh highs, notes Sundial Capital Research. There are a few ways to view the dynamic:
Bonds markets are also chill. While debt traders have a reputation for being more cautious than their quick-fire equity brethren, indexes of credit spreads have been falling. That's "not something typically seen before economic trouble," writes Jason Goepfert, founder and senior analyst at Sundial.