From Jeff Clark, Editor, Stansberry Short Report:

Just about everything rallied on Tuesday.

During the day, Federal Reserve Chair Janet Yellen stepped up to the microphone at the Economic Club of New York and talked about how the Federal Reserve should “proceed cautiously” in adjusting policy.

And traders, responding like dogs to the sound of a can opener, couldn’t hold back their excitement.

They bought everything. Stocks went up. Bonds rallied. Gold gained $25. Even agricultural commodities managed to catch a bid.

It was the biggest buying panic since… well… the last time Yellen spoke to Wall Street – following the Federal Open Market Committee meeting on March 16.

But one thing didn’t rally…

The Volatility Index (“VIX”), widely viewed as Wall Street’s “fear gauge,” dropped to its lowest level so far this year. At just over 13, the VIX is down 50% from where it was trading in early…