And much as I hate straddles this might be a spot.
From Option Pit:
I said on Fox Business News today that I thougth we were setting up for a big one day move. I said this because the conditions that existed the last time we blogged about SPX.
The Spread between SPX HV and VIX is absolutly insane:
Livevol (r) www.livevol.com
I would polint out that the last time the spread got this insane, the VIX went UP, not down....MORE