VIX Surges Above 50 For The First Time Since March 2009

For those traders who were desperately hoping that yesterday's VIX selloff would mercifully end in the overnight session, or that - as JPMorgan's Marko Kolanovic suggested some central bank would step in and bail you tout - we have some bad news: not only is the 116% surge in the VIX from yesterday accelerating, it is now up another 35%, above 50 - the highest level since March 2009 - extending its record surge as the vol eruption continues, and crushing the world's vol-sellers, assuring that all those who were collecting pennies in front of a steamroller, end up, well, fully steamrolled.

 

The VIX term structure has also flipped into massive backwardation...