RE:20% gain VIX Futures out-performed the SP for the past two days beyond the normal 5 to 1. Thursday was a key distribution day as Smart Money was getting into VIX and risk adverse items (bonds, yen, gold) while the rest of the market trying for ATH. It paid off today
It’s nice to see the market react more normally because the US markets were able to fight off risk aversion for the past month. Not today.