UPDATE: VIX and SPX have recoupled
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Given the compression in realized volatility and surge in stocks, it is not totally surprising that spot VIX would see some catch down compression. Sure enough, spot VIX just plunged to 13.00 (for the first time in almost 6 years). Stocks are falling as VIX is falling though - in a convergence from yesterday's gap-open. Longer-date VIX futures are also falling but not as much - implying further debt-ceiling deadline steepeners being laid out.
VIX vs SPX...
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Implied vol has tracked realized vol almost prefectly (lower pane) for the last few weeks...
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