Hour after hour, mainstream media proclaims the 'teflon' market as clear proof of America's economic strength as volatility keeps collapsing despite a surge in turmoil.

For years, market anxiety has risen and fallen with a strong correlation to "crisis" in the world. However, as the chart below illustrates, the last 2 months have seen a surge in "crisis" stories lead to soaring stocks and collapsing risk perceptions.

The negative correlation between "crisis" stories and the market's perceptions of risk is unprecedented.

Does this make any sense?