The last time The Nasdaq was this overbought, the index peaked and dropped 7% in the next week. With 'Greed' near 2015 highs, perhaps the decoupling of VIX from stocks suggests many have similar ideas of hedging these exuberant gains. The Nasdaq is the most overbought since November 2014... With Greed at 2015 highs... It appears hedging is ramping up... As the correlation algos once again take hold of stocks... Charts: Bloomberg