Amid the 'calmest' market for the S&P 500 since 1964...

Traders are shedding protection at a record clip. For the third time in the last week, VIX just traded with a 9 handle - down to 9.73 - the lowest since Feb 2007...

The last two trading days have seen some 'odd' shifts in the equity-vol correlation regime though...

And judging by the collapse in realized vol, VIX could have further to fall...