The #VVIX to #VIX ratio has dropped to levels consistent with previous major market bottoms. For reference, VIX = implied vol of S&P 500 options. It measures how much the market is paying to hedge against equity moves. It is the price of fear. VVIX = implied volatility of VIX options.

One sign of anxiety that is being watched by traders is #Vvix - the expected volatility of expected volatility. #Vvix uses a similar calculation on derivatives tied to the Vix itself, showing how much investors expect fear to rise and fall over the same period, chart @FT www.ft.com/content/8548...