Volatility whacked lower

With the main indexes rising over 1.5%, the VIX was knocked lower by almost 9%, back into the 16s. Considering all the economic issues out there, and the endless black swans, VIX in the mid teens is truly bizarre.


VIX'60min

VIX, daily

VIX, weekly.

Summary

Today's index ramp - as expected, does nothing to damage the outlook for VIX 35/40s in the coming 3-5 weeks.

The only issue is where will the VIX floor next week. 15s seem possible, if briefly.
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What is clear...VIX calls..for Aug/Sept are unbelievable cheap right now.