Given the current environment, a wall-of-worry is an odd statement.
The market kept pushing upward thanks to good jobs numbers and David Tepper's comments on CNBC.
So far, within May, the SP500 is up about 3.8%. The solid move took place while the VIX has been steady, very steady.
The recent move should have allowed the VIX to see substantial decline. A decline that would push the low 10s (historic lows) and new lows for the below trend:
Back in January I wrote my thesis on the market's 'new dynamic' pushing new highs. Based on the above, it appears the market is still climbing a wall-of-weak-worry.
This go around, the worry seems to be protecting gains versus protecting against a catastrophe.