“The volatility index – the VIX – shows the market to be surprisingly calm.  Yesterday, the Dow rose 205 points. Gold rose modestly too – plus $9. The VIX dropped nearly 20%. What does it mean? Well, it implies that no one is taking the threat of default seriously. Everyone expected a last-minute deal. When the chips were down, they reasoned, the pols would get their act together. One way or another, they’d shake hands… and continue marching, arm in arm, toward a real debt catastrophe! Except that hardly anyone sees a catastrophe coming.”

http://www.bonnerandpartners.com/congress-marches-arm-in-arm-toward-catastrophe/

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