The idea behind the chart is to see how much money has been flowing into the dividend stocks vs IEF (shorter-term treasuries). Everyone knows dividend stocks have been the rage for quite some time, and they have risen a lot. Even the XLP, which I am long, has been a beneficiary. In a risk-on environment, this ratio would of course decline, but a risk-off environment would be the opposite. I think the market has more upside in order to kill off puts and drive the VIX back down especially that April VIX future.
