SPY and VIX Correlation (No Levels, but a Regime Change)

~.8-.9 inverse correlation between VIX and SPY.

Sometimes... they rally together. Rarely do the two correlate positively for extended periods of time.... Term structure will predict events, not a narrative.

Narratives backward rationalize the unknown-known.

All eyes on Japan, March, and May.

Stocks and VIX rally on XYZ, eerily. -WSJ Probably.