Vix continues to base along in the mid 15′s. On today’s strong rally above 1400, Vix gave up it’s small gain yesterday to return to the 15.67 mark. We are seeing a nice breakout above 1400 with an upside target of 1412, last seen in late April or the 1420 area, last seen in early March. Let’s not forget that the April move was quickly followed up by a 50 point sell off in the S&P future, which caused the Vix to spike into the 27 area. The key for traders is to begin to price upside Vix moves now. Don’t forget- there are many ways to skin the Vix beyond just buying the future…. and please- do not sell naked calls for the premium!