Friday VIX reflections - buy protection when you can, not when you must

Time to revisit Friday VIX hedges?

The theme of VIX being the relativity more exuberant one continues. Note the gap between the VIX inverted vs Spoos widening further. VIX didn't "buy" the late day fade yesterday, and is continuing down as the weekend effect kicks in.

VIX isn't dirt cheap (yet), but given the various cross asset vols all showing huge moves over the past few weeks, we doubt VIX will drift much lower. Our take from yesterday is playing out according to plan: