As I was giving the AM Vol Report today, many an option trader asked me about the price action of the VIX. Was the fact that the VIX was barely down but the SPX was up a huge sign of a market not 'buying into' a rally. Sometimes the answer is yes. I gave a great VIX webinar last month where I explained how I use VIX to help me trade S&P Futures, SPY, and other directional plays. However, today we are not looking at that situation at all, despite the ATM IV being flat:
SPX 1275
