the SPX was up today..barely...the VIX was up by about .40%. In fact even when the SPX was up 9 today the VIX was still up. When we see this type of action it can mean something. Typically its bearish the market.
Yes, VVIX can get cheaper than 79%, but it has not in the last year, and there are lot of reasons to own VIX options right now. Most notably a potential Fed hike in June and the British Vote on the 23rd.
The video below is for education only. Options have risk, consult your finanical professional. This should not be considered investment advice.