Why Friday’s Stock Selloff Got No VIX Response

Remember the call spread buyer? If not, I won't trouble you with the specifics on a Friday afternoon. Those interested can review the brief backstory here. Suffice to say equities were trading with a kind of upside overhang tied to index option plays which had the potential to create overhead pushback on a rally. "The problem was that the whole market knew there was ultimately going to be ~$7-8 billion of delta / S&P futures puked back into the market" on an eventual unwind if the buyer "l