Investors seem ridiculously complacent heading into 2018.
The average one-month volatility in the S&P 500 this year has been lower than in any other year since 1070, according to S&P Global. Investors have also seemed pretty relaxed about the prospect for negative news walloping winning positions. S&P Global notes that 47 of the lowest 56 closing VIX levels since 1990 have been observed in 2017, as well as two new all-time low closing levels.
With companies sitting on piles of cash, big deals like Disney (DIS) - Get Walt Disney Company Report buying 21st Century Fox's (FOXA) - Get Fox Corporation Class A Report assets getting done and interest rates low it's no wonder investors are stuck in their bullish ways.
And hey, when an outgoing Fed chief comes off bullish on stocks why not continue to ride the gravy train.
"The stock market has gone up a great deal this year," Janet Yellen said on Wednesday at her final press conference atop the Federal Reserve. "And we have in recent months characterized the general level of asset valuations as elevated."
Yellen added, "The fact those valuations are high doesn't mean that they're necessarily overvalued."
Looks like Yellen remains bullish on stocks, and bearish on bitcoin.
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