This trade is simply too attractive to ignore

Now you have to...

Complacency and calm, that is the way to describe the general sentiment in the markets right now and we are hearing more and more "volatility is dead" trades presented. However, never ever forget that volatility is mean reverting. The actual VIX level at its natural floor, combined with the most extreme VIX call skew we have ever seen and several extreme technical positioning indicators, leads us to put on cheap VIX call spreads. To be clear, this is not a call that stocks will crash - this is a call on VIX upside optionality.

The saying is that you should buy VIX when you can, not when you have to - but this time it is slightly different - you have to buy it because the trade is simply too attractive to ignore.