PANIC at the VIX...Oh

Remember that catastrophic unwinding of the carry trade? The market doesn't (and other random thoughts).

Diogenes, Jules Bastian-Lapage, 1873, oil on canvas, (Musée Marmottan Monet)

As I write this, the NASDAQ 100 Futures are pricing in a 1.8% gain from yesterday’s close. If we back up to Friday's close,…