Jimmy, I have been trading this spread off and on for many years (vix future vs emini spx future). Every now and then you will see a day like today. When you have an extreme rally and the vix goes up. I was looking to sell the vix future and sell the emini, but never pulled the trigger. I have seen it continue for a few days, so there is a lot of risk in the spread.
Five Charts That Show We Are on the Brink of an Unthinkable Financial Crisis http://www.marketoracle.co.uk/Article60890.html Not fear mongering but like the Fed Balance Sheet unwind argument. "Ample low-cost liquidity drives asset prices higher. That’s not controversial. It makes perfect sense that the withdrawal of ample low-cost liquidity would also impact asset prices in the opposite direction. The Fed has even given us a schedule by which it will unwind its balance sheet. Michael’s chart gives us a sense of how far the S&P 500 could drop if the Fed unwinds as planned and if the relationship between liquidity and stock prices persists. Either or both of those could change; but if they don't, the S&P 500 could fall 50% in the next few years."