Spread between Realized and Implied Volatility is Astronomical

The VIX ended up BIG today settling above 21%.  However I think the real story is not just how high VIX is, but how NOT high volatility has been.  The spread is through the roof and I am not sure the lat time I saw something like this.  It looks like the fiscal cliff at the end of 2013 on steroids


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Vol Likely to be Rebid

Today, we saw the market crush VIX...for a few hours.  Then,  SPX traders put a nice chunk of premiums right back into SPX options.  Adjusted for the weekend, despite the shift in Brexit polling, VIX was down less than 2 points (a little over 1 raw). 


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