The Mystery Of The Short Short VIX Trade

I've talked a ton about volatility (or, more appropriately, an acute lack therefore) in these pages. Currently, the VIX is sitting at a 10 handle, plumbing last week's post-"phenomenal" tax plan depths. And this of course comes on the heels of the 3rd and 5th calmest January in history for average VIX level and realized vol, respectively. Some of this can plausibly be attributed to the fact that intra-stock correlations have plunged. "Index volatility is a function of not only average single s