In the last two weeks we have seen a few surprizing things out of SPX vol. We saw a settlement in VIX below 12.50 and we saw 10 day realized vol dip below 5%. Surprizingly low given how much the market was moving a month ago, and even considering how hard the SPX rallied in April. Yet there it was.
Stocks got a little lift today on what I do not know. Draghi made some veiled references but for the most part the Euro kept up it's inexorable climb along with the JPN YEN holding up at year highs. Who would have thought the dollar would be in the tank and the two most troubled trading blocks enjoy bouncy currencies. Dollar weakness should equal gold strength and we did not see that today. The 1 day hold in GLD killed the momentum and the IV.