It’s been 13 years since the Nasdaq traded at 4,000. Not coincidentally, lots of bubble talk is brewing. The market can remain irrational longer than you can remain solvent, once said John Maynard Keynes.  

At the same time, it’s these round numbers that serve as magnets for price action, and very often create turbulence once hit. The VIX is cruising near its lows, which means it’s near certain we’ll see some selling somewhere a midst all this complacency. 

The bigger question, as always, is when?