Correlations closed thwe week at .36 near the high end of the one month range but still low overall.

VIX is 8 points over realized volatility, implying makers are expecting realized volatility to rise.  We are not at extremes yet, but approaching them quickly.  The extremes will be a warning.

Vol spreads are still low, but continue to make higher lows, volatility remains expensive to own.

The setup remains the same as last week, potential for slow grind higher with a negative skew, and overall low volatility.

Thanks and have a great week.