Cheap as in when implied vol goes up, the price of flys comes down, i.e they become very cheap. Today turned out to be rather uneventful.
My Dollar ETF (UUP) confirmed negative today and Gold (GLD) will confirm positive tomorrow with a zero or better.
http://www.zerohedge.com/news/2015-...-warns-fed-just-made-same-mistake-it-did-1927 Interesting observation, in line with Maverick's violent move up theory