It's one of those days I actually miss having CNBC on. I love their Black Friday reportage Live From the Mall and insta-analysis of how holiday season is shaping up.
Actually not really here today. Was hoping VIX would hit 19 so I could run a double shot of Steely Dan with "Hey Nineteen". But alas, it bottomed at 20.05.
VIX Dec. futures closed with a $2 premium to "cash" VIX which signifies....I don't think all that much. I mean if someone really knew we'd open down big, the VIX itself would have been higher. We mention often there's modest statistical reasons why VIX understates "real" volatility around holiday's, so it's possible the premium signifies nothing more than that. It's also possible that VIX futures almost always trade with a premium these days. After all, 22.5 VIX is not exactly a moonshot. The futures premium has been simply wrong for the better part of 4 month's now after all.
Volatility will likely blip higher today, but I doubt it's the start of anything that will stick beyond just shaking off the holiday.
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