Wish I could say that the overnight ramp or the manner in which it’s being conducted was surprising. But, we’ve seen the Look! VIX is breaking down! movie so many times, it’s becoming as normal as negative interest rates.

The algos don’t care whether it’s legit or not. They just see VIX off 21% from last week and ramp higher…

continued for members…

Even yesterday, when the markets were so far off kilter courtesy of the BoJ, VIX was down 4.2%. This is why I put the target up there near the top of the channel around Dec 30. I don’t know if it will get that high or not, but it feels like everything is set on automatic pilot at this time – even with some big economic data still out there.