The action so far this year has been buy and hold a limited number of retail focus names like Tesla or Amazon.
I think the low VIX is probably explained by the lack of institutional activity and many stocks drifting sideways. Market breadth is shown below. Less than half of NYSE stocks (about 2500) are above their 200 day moving average:
In May 80% of NASDAQ100 were above it, but that has now dropped to 60%
Europe was very strong earlier this year but breadth has also collapsed there recently
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