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We have one uneventful day and SPX tumbles 13 points causing the VIX futures to get heart palpitations. 3 weeks ago this move would have been a morning romp but the 8% SPX realized vol took all day to squeeze out this dive. As usual look to what the VIX futures were doing to read the tea leaves.
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I am not sure conundrum is the right word. Maybe it is more like a situation. VIX is falling very fast at this point with the 3 day weekend coming on the back of declining volatility across the market. Today the quick Weekend markup for IV went south in a hurry as we closed 13.79 in VIX and the 13 handle for the first time in 2016.