Profunds index and sector trading

[S Chun-Li]

Historically, selling puts on your long positions is the "retail" thing to do.

So all else being equal a low $VXN shows complacency - AGAINST THE RISK OF THEIR STOCK BEING PUT - amongst the "retail" put sellers.

As such, I think a low $VXN is far more unbullish than it is unbearish.

Of course, all else might not be equal, but a low $VXN over time like we are experiencing indicates to me a high chance we are at a intermediate term top.