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Stocks not only can gain with the VIX at such extreme lows - they usually do. Far from being a source of concern, the U.S. stock market's extremely low volatility is something to celebrate. The CBOE Volatility Index VIX, or VIX, which is a measure of the S&P 500's SPX expected volatility over the subsequent month, is now lower than 88% of daily readings since 1990.Contrarians see such an extremely low volatility as a warning - a sign of dangerous complacency in the market. Their concern is misplaced, as I discussed in a column in late March. In fact, the U.S. stock market produces better risk-adjusted returns when the VIX is low than when it is high.The past three months are a good example: The VIX was at the 18th percentile when that March column appeared, and the stock market has since performed well.The VIX won't stay low forever. But the professors found that it doesn't pay to jump the gun. The time to reduce your equity exposure will be when the VIX does eventually rise.