Volatility readings continue to plumb historical new depths with each passing day.  How low can they go? My current tout for VXX, a trading vehicle that tracks short-term S&P 500 volatility, suggests that the trend cannot continue indefinitely and that, moreover, it’s possible to get pretty good odds betting against it at certain times. Even if that is not presently the case, complacency as measured by VXX and VIX has never been higher, and that in itself is a dangerous sign.