vxx

Holy Contango Batman!

The VIX settled at the lowest level in months and briefly had a 13 handle today.  Does this mean that all is well and the market is full on risk on?  No,  at least for now, the market is still carrying a heavy hedge.  How can we tell,  pretty simple...take a look at the spread between April VIX futures and the VIX cash index.  It is almost 4 points wide.  That is wide enough to drive a Mack Trukc through the spread.

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