Vol Nears Record Lows... Is It Priced Too Cheap?

Via SpotGamma,

Volatility Returns to Record Lows

The S&P 500 spent early July grinding higher with sector rotation quietly forming beneath a calm index. As SPX price action remained relatively muted over the past week, implied volatility dropped to near-record lows as of Friday: IV for contracts expiring next week now sit in the 6-10% range.