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Goldman put out a comment prior to earnings season, which was something that I happened to agree with.  It basically pointed toward the fact that, while the VIX was overpriced relative to market movement, it didn't mean the component parts IV's were necessarily overpriced.  Their main point was that it might not make sense to  sell premium in individual names; in fact, they might be a buy.  At the same time, SPX IV is probably still a sale.  Something that might confirm the low SPX expectations are the overall flat VIX curve and the low JCJ (CBOE Correlation Index).  Let's quickly break down the trade