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[Bloomberg Markets]( [FOLLOW US [Facebook Share]]([Twitter Share]( [SUBSCRIBE [Subscribe]](  Forward Guidance  VIX drops to lowest in 24 years, iron ore's slump continues and lots of trade ideas at the Sohn Conference. Zzzzz... With the [French election result]( snuffing out yet another potential source of global uncertainty, market volatility continues to fall. Yesterday the CBOE Volatility Index, known as the VIX, closed below 10, its [lowest level since 1993](. Gold has also seen a plunge in price swings, with moves narrowing last month to the [tightest in a decade](. Speaking at the annual Sohn Investment Conference yesterday, former Federal Reserve Governor Kevin Warsh said he believes the [market is risky]( when measures of risk are low. Commodity nerves Iron ore's attempt at a rebound did not last long as prices dropped again on Tuesday. Futures lost [as much as 1.8 percent]( -- signalling a possible return to the $50s for the benchmark spot price. Rising supply and a crackdown on leverage in China have pushed the price of 62 percent content to $60.15 a dry ton, the lowest since October. In the oil market, a barrel of West Texas Intermediate for June delivery was [trading at $46.40]( as of 5:35 a.m. Eastern Time with the push-pull of [OPEC supply cuts]( and [U.S. shale production]( continuing to keep the price from sustaining a move in either direction. Korea election Voting in South Korea's [presidential election]( closes at 7:00 a.m. ET, with results expected a few hours later. The front runner is liberal [Moon Jae-in](, the son of North Korean refugees, whose victory would end nine years of conservative rule. He has promised to reform the country's [corporate conglomerate system]( and advocates talks with North Korea. Markets mixed Overnight, the MSCI AC Asia Pacific Index [fell 0.5 percent](, while Japan's Topix index closed 0.3 percent lower following yesterday's broad-based rally. In Europe, the Stoxx 600 Index was [0.5 percent higher]( at 5:50 a.m. with energy producers and banks leading the gains. S&P 500 futures [were flat](. Sohn conference DoubleLine Capital's Jeffrey Gundlach recommended [shorting the S&P 500 Index]( and going long emerging market stocks yesterday at the Sohn Investment Conference in New York. Among other [trade ideas at the meeting](, was shorting U.K. rates ahead of Brexit, a bullish call on United Continental Holdings Inc. and a recommendation for Tesla Inc.'s 2022 convertible bonds. Here's what you should read today  - JPMorgan tells banks to partner up as a [U.S. deposit drains looms](. - Investors are once again on [China contagion alert](. - Some reasons to [like the euro again](. - This map shows where [robots are coming]( for your job. - Carney and the Bank of England are [playing it safe](. - Your [password is terrible]( and everyone wants to fix that. - [Mint the coin](, redux.  And finally, here’s what Joe’s interested in this morning Commodities have had a pretty rough go of it lately. The Bloomberg Industrial Metals Index is down about 9 percent since early March, while the broader Bloomberg Commodities Index is around its lowest level in a year. Normally, when commodities are getting clobbered, we tend to think that it's bad news for emerging markets. But perhaps that's an outdated mental model. Yesterday on What'd You Miss, [we talked to Michael Shaoul](, the chairman and CEO of Marketfield Asset Management, who pointed out that a big part of the emerging market story is actually a tech story. To wit, check out the Taiwanese Stock Exchange Weighted Index. It's been on a tear lately and, as you can see in the chart, it's getting to a level that's historically quite important. About 25 percent of the index is information tech. Another 23 percent is tech hardware and another 5 percent is telecom services. When you look at what's driven the market rally over the last year, you see a 23.5 percent gain in optoelectronic stocks. The market tells a similar story in Korea, where the benchmark Kospi index is on an absolute tear, up 13 percent this year alone, driven by a nearly 29 percent rise in electrical and electronic equipment stocks. So when you look at surging emerging markets (both Korea and Taiwan are part of the MSCI Emerging Markets Index) don't forget how diversified this basket really is, in terms of industries. And don't forget to bust out your Taiex 10,000 hats, either.  Sponsor content by Merrill Lynch We’ve pioneered a more personal approach to investing. It starts with being open and transparent and puts your interests first. And because we’re Merrill Lynch, you can expect our leading research, insights and expertise whenever and wherever you need them. Products and services are provided by Merrill Lynch, Pierce, Fenner & Smith. [Click here to see what sets us apart.](   You received this message because you are subscribed to the Bloomberg Markets newsletter.   [Unsubscribe]( | [Bloomberg.com]( | [Contact Us]( Bloomberg L.P. 731 Lexington, New York, NY, 10022