The market is still all about rates and Fed policy, notes Mandy Xu. She discusses why the VIX is low while yields remain near 16-year highs. She looks at volatility and the market. She suggests that investors keep an even on stock dispersion and market correction, as this could be a catalyst for a higher VIX. She then goes over how investors are approaching the current market environment. She talks about how investors are using VIX upside calls for tail hedges, and the need for hedging increases as more people chase the market higher. She outlines sector and stock trades as a result of high dispersion/low correlation environment. Tune in to find out more about the stock market today.