VIX over 14 today, what does it mean?

Doesn’t mean much yet! What has happened is we have had 2-3 days in a row  where SPX has backed off the highs of $2120 a bit. Too get the VIX cranking up near 18, we would need 2-3 more days down with a little more speed. What do I mean? We need 2-3 days down where SPX moves 1.25% or more, over 25 points in a day. That would stir up VIX and get it moving toward 16-18 level. With Volatility levels still relatively cheap, if I needed to adjust a short Vega trade like an Iron Butterfly, Put Credit Spread, or Iron Condor, I would adjust my position deltas with a long put in today’s environment.

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