Hungry Alligator

Out along the edges
Always where I burn to be
The further on the edge
The hotter the intensity
--Kenny Loggins

Plot 20+ years of the SPX and the VIX and what do you get? The 'hungry alligator' pattern. Currently the gator's jaws are opened to record wides.

Poised to snap shut, perhaps, on nearby risk.

position in SPX