Yes! I do agree that stock markets are relatatively toppish, and the VIX is generally showing a degree of over optimism in the US markets. However, I think the as the markets head higher, there will be many bears trying to short covering their bets, leading to the artificial highs. I am not sure if there are many bears out there betting the downward trends of the markets, but I am sure with so much general optimism, there are bound to be bears out there trying to bet the other direction. Thanks.