The decline in volatility is “encouraging people to take a lot more risk than they should, and understandably so,” El-Erian said.

Investors aren’t that enthused, according to some metrics.

Traders are already mostly on board with the central bank raising rates at its June meeting, pricing in odds of a hike at almost 80 percent.

Robo advisors will cause fees to be slashed, college investors short Snapchat and a Long Island group joins LPL.

Global, emerging-markets, Europe (ex-U.K.) and U.S. bond funds all took in new money during the first week of May.

Energy, technology and consumer goods the only sectors to see inflows during the first week of May; investors continue to purge commodities, health care and real estate.

North Korea is making investors cautious while India’s growth attracts new money.