Even with the market down 12 handles on the Fed Mintues, at no point in time did appear that VVIX was going to do anything. At no point in time to demand for VIX options go bid, even as there appeared to be a lot more buys than sells.
The VIX failed to break 16 on a close...again. VVIX did nothing today...again. The VIX settled, adjusted for the weekend lower than its Friday close. VVIX did the same and has failed to break out on any of this uptick in movement.
The VIX was down nicely today, adjusted for the weekend VIX was done about 1%. Yet, take a look at the movement in the futures. The May future AND at certain times the June future were done on a point basis about as much as the VIX cash index was today.