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.