The VIX has been getting crushed this week. Meanwhile, the SPX has been flat take a look at the last 5 days:
When I see this pattern like this as I have talked about multiple times (most notably on Mad Money) when I see a flat or falling market and the VIX dying, that typically means the market is about to take off.
I like long SPX or SPY
The OVX settled just over 32% today. This is the cheapest oil prmeiums have been in the last year and near 2 year lows.
The VIX is about to break 15 again, and the market might finally break higher for a few days. But the volatility options market is still a little bit dicey. Yes, VVIX is back below 100, but VVIX is still above 95 and only came off a few ticks despite the softness in VIX and VIX options today.