While the market was off today, and VVIX was actually off a touch as well, there is a pattern developing in VVIX that is none too bullish the stock market. Check out a chart of VVIX since it bottomed last week.
Today, at one point the market was down almost a full 1%. With inaugeration, data, and earnings coming up, it appears that the market might finally be ready to take a breather. Unless one looked at volatitliy. Which even on the lows did little to nothing:
Stocks have lost their way lately and can't really make a move anywhere. Mostly that has got VIX moving with VIX cash moving to the mid-13's. Yes you heard that we rallied hard to the mid 13s. VIX Jan futures are getting close to 15. This in a market where 60 day realized vol is still in the single digits. VIX is pricing something that will happen next week. Maybe around a surprise in rates to go along with the higher volatility in the rate complex.