Headlines about the GOP agreeing to increase the debt ceiling for three months are causing a collapse in fear.
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The VIX (an options based index that measures traders inclination to hedge against market downside) is collapsing. This means traders are buying less and less plunge protection.
And as one trader we know just IMd: "guys scrambling for upside protection now."
Here's an intraday look at the VIX via Bloomberg.
