Options Traders Haven't Been This Worried About The Dow In 17 Years

'Price' and 'risk' have decoupled in The Dow over the past 6 weeks or so, since China intervened in its FX markets...

 

While US equity prices have soared across the board, Dow 'VIX' is up dramatically while S&P 'VIX' is down (as one would historically expect)...

Smashing the cost of protection for The Dow to its highest level relative to the S&P in over 17 years...

 

What are Dow options traders telling us?