Mr Market has no fear of possible 'events' over the weekend anymore.
VIX'60min
VIX, daily
VIX, weekly
Summary
The close of 14.74 is truly remarkable. Even a multi-day jump of 35% would barely get the VIX back to the 20 level.
The VIX weekly chart is offering a very nice descending wedge, which would normally be expected to break to the upside. Yet, how high will the next up cycle go? A mere 20..or 25?
Those who are still super bearish on a multi-month basis, looking for Sp' in the low 1200s by late Autumn are getting a great opportunity to load up on VIX option calls. Although, since it seems likely we won't start seeing any major declines until September, its arguably better to wait a further 2 or 3 weeks - due to the inherent decay in such time ticking derivatives.
More across the evening