Short Vol. Is One Big Momentum Trade

Feedback loops, dammit. Rapid mean reversion from transient vol. spikes has become a defining feature of this market. There's been no shortage of discussion regarding this dynamic and one of the best ways to see it is simply to look at VVIX / VIX which remains - how can we put this nicely? - "elevated": As BofAML put it a couple of months ago, "the frequent occurrence of sharp, short-lived shocks justifies a high vol of vol."   Part and parcel of the rapid mean reversion dynamic is th