So here we are on the eve of Brexit and index volatility got pushed right to where it was last week like nothing ever happened. It seems the online betting sites are still predicting Brexin as the outcome but you never know until the tally is released. The Quebec and Scottish separatist votes came down to the wire and if there is ever a Texas vote it will probably do the same.
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One of the most disturbing volatility patterns is VIX up, SPY (or SPX) up. Vol should decline into the face of a rising market. If it does not that is traditionally a tell that stocks will sell off at some point in the near future. If I knew when that was I would tell you after I bought a boat load of SPX puts. That date appears to be sometime next week.