NEW YORK (TheStreet) -- Is this the death of volatility in the markets? The S&P 500 VIX Volatility IndexI:VIX is down more than 40% over the last 2 years. And the market only seems to be getting more complacent.

Is that a good thing? Or is it a precursor to an enormous crash? 

One remarkable fact remains true, and everyone should be aware of it. The S&P 500undefined has not had a 1% up or down day for 55 consecutive days. That is the longest streak of low volatility in 19 years.

In 1995, the S&P 500 did not have a 1% up or down day for more than 90 straight days. That is simply stunning. It also turned out to be a precursor of the giant 1990s bull market. The S&P 500 went from 600 in 1995 to over 1,500 at the peak of the dot-com bubble in 2000. Just take a look at the chart below, and prepare to be mesmerized:

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At the time of publication, the author held no positions in any of the stocks mentioned.

This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.

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