Fearful, already?
The drop on Wednesday was big, granted, but enough to trigger one of the largest spikes in the history of the VIX? Thanks to some of the outsized moves among a pocket of stocks, the VIX has remained elevated and part of the jump could be due to call options, not just puts, which is highly unusual. A drop in Tesla after-hours is pushing the VIX even higher, more than 60% above Tuesday's close. On the surface, a spike in an already-high VIX has been a positive for stocks (it never happened prior to 2011), but we're not assigning this one all that much weight.

