VIX isn't buying the latest bear

There is a little gap having formed between VIX and SPX over past sessions. Despite the SPX futs printing new recent lows, the VIX has managed trading below the highs we saw earlier this week. This doesn't mean that the market must go up or down, but it shows that VIX is pricing somewhat less "panic" than what the SPX is showing at the moment. VIX is all but cheap here, and do not forget that direction and pace are two different "concepts"...