The Cboe Volatility Index (VIX) has remained steady at around 20 and is up from five days ago. This is unusual for a market that typically sees stocks rise and VIX move around 20% of the time. Investors may be hedging against potential risks like the Iran war and crude oil. However, a bullish interpretation is that traders are willing to buy expensive premiums in upside calls in single stocks that are making significant gains.