# vix

Weekend recap of this week’s “dark line”—VIX.
On the surface, the S&P +0.5%, the Nasdaq +0.6%, and the three major indices all rose together—everyone is happy. But what about VIX? It quietly climbed from 16.5 to 18.2, up 10%.
Near new highs for the index, with volatility picking up—this combination is generally not a good sign.
Historically, those moments of “calm on the surface, hidden undertows underneath” most often appear in the week before the FOMC. Institutions are quietly hedging, while retail investors are still going wild with FOMO.
Once Warsh truly opens his mouth and says something,