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Exuberant VIX, but...

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...the SPX has refused buying the latest VIXimplosion. Let's see how this plays out, but as we outlined in our thematic email earlier today (<a href="https://www.zerohedge.com/the-market-ear/calm-waters-all-september&quot; rel="noopener noreferrer" target="_blank">here</a>), VIX hedges are starting to look attractive here.

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