The US equities markets continued to rally today as geopolitical fears seemed to recede. The VIX fell well below 14.00 for the session, placing it at the upper range of levels seen back in 2017. This means risk premiums are very, very low. Equity index puts are relatively cheap, leading some to consider buying them as a low cost insurance policy, or as a relatively inexpensive bet against volatility increasing. Either way, options premiums are fairly cheap right now, so any geopolitical events which occur in the near-term would likely result in a sharp increase in volatility levels, which would benefit any traders betting long volatility. Here’s what to expect.