VIX in the midst of high speculation surrounding Russia? a trader sold 62,000 of the VIX Mar 17/20 call spreads collecting .65.? As the open interest on the 17?s is over 200,000 and the 20?s is over 300,000 it is hard to tell if the trader is opening or closing.? Regardless,? this points to the trader believing that any potential move higher in the VIX will be capped below a 17 settlement on Tuesday.

This trade should be viewed as aggressively short volatility in the immediate and points toward an unlikely ?pop? in VIX on the back half of the day.? Traders looking to piggy back could consider the VIX Mar 15 puts for .1? as a cheap way to trader with this professional trader.