A more reliable fear gauge than VIX shows there's trouble ahead
The 5 year basis swap spread for combination of currencies against the dollar shows the crunch in dollar liquidity. If the conditions persist and dollar keeps getting sucked out, we could have a severe correction in risk assets. You are warned. We have been short equities market since the break of 2980 which we noted in our research here.
To know more about currency swaps, please read in education section : Currency Swaps