On Monday, the VIX explosion unleashed a powerful move for protection, soaring to as high as $31.46, having been range-bound between $26-$20 for much of November and December. The cause was primarily due to a virus mutation in the UK, raising concern that the central assumption of exceptional economic growth next year could turn out wrong.

IFR News points out a “kink” in the VIX futures curve for February.

“There is almost a kink on the VIX futures curve for February with the curve between February and July a saucer shape that is flat.”