(FAP)-- Marko Kolanovic, chief equity strategist at JPMorgan Chase, believes that investors who buy U.S. stocks because of the recent calm in the market may still be in trouble. & nbsp; he said in a research note on Monday that the Cboe volatility Index (VIX), a measure of market confidence, was "exceptionally low" given macro risks such as rising interest rates, tighter financial conditions and geopolitical tensions. The recent low volatility is caused by option sellers dominating the market, as selling of options forces a reversal in intraday trading and keeps market prices unchanged for many days in a row. He believes that this market dynamic artificially dispels the view of macro fundamental risk, and suggests using the market rally triggered by the earnings report to reduce stock exposure.