Tagging on to what Iceman mentioned yesterday. $SPX is up actually quite nicely again today but $SVXY down $2. Given the significant contango in the VIX futures which should be driving $SVXY higher it certainly marks a divergence. If you look at a intraday chart of the $UVXY and $SPX, they are in lock step. The higher $SPX goes, the higher $UVXY goes. It seems like with the market just seemingly going straight up every day people are starting to get fearful so they are paying up for protection. That’s all I can think of.