It was a barn burner of a day today with stocks notching a barely green close. The reality is that vol is dead right now. We have a potentially market shaking rate rise and VIX cash is 11.35. Dutch elections and French elections are coming and the vol markets are shrugging their shoulders. I did not think VIX Apr futures would close below 14 before Mar expiration but that is where we find ourselves today.
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One of the odd artifacts of the last few weeks is that no matter how sensational the press from DC gets VIX cannot hold a bid. While the Washington rancor permeates the social media atmosphere stocks drift from a cautious euphoria to benign neglect. Today was a bit of the latter but the demand for premium in specific areas still exists.