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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I am not sure conundrum is the right word. Maybe it is more like a situation. VIX is falling very fast at this point with the 3 day weekend coming on the back of declining volatility across the market. Today the quick Weekend markup for IV went south in a hurry as we closed 13.79 in VIX and the 13 handle for the first time in 2016.