Is today the start of VIX perfection?

Too good to be true
Are we seeing the start today?
Source: Equity Clock
Not your "normal" Friday VIX
VIX term structure moving higher on a Friday is not the "normal" VIX you are supposed to see. Early signs of stress picking up...
Source: Vixcentral
Dealers are short VIX
Things could easily get a bit "fluid" should VIX move higher quickly...
Source: Nomura
0DTE mania is alive
Trading in very short term options has continued to impress.
Source: GS
King put seller
Selling daily ATM puts remains the winning strategy...and it works until it stops.
Source: Nomura
What could possibly go wrong?
QQQY, the first put-write ETF using daily options (0DTE) to seek enhanced income for investors:
"The strategy’s objective is to generate outsized monthly distributions by selling option premium on a daily basis. The fund uses daily options to realize rapid time decay by selling in the money puts with 0DTE."
You don't see this at market lows...
Size gamma roll-off
Nomura's McElligott on today's gamma roll-off: "SPX Gamma roll-off for ALL STRIKES +/- 10% of Spot shows a jarring amount of the overall Gamma set to come-off, tied for the largest % roll-off of any SPX historical Quarterly Op-Ex in our history dating back to 2020". Things are about to move more freely.
Source: Nomura
Will it "kick in"?
GS advises buying VIX calls over SPX puts, as their EQMOVE model indicates that there is favorable pricing for upside asymmetry.
Source: GS
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