I believe markets are floating on air. 4/1 put call ratio, low volume....just many many indicators pointing down. 61.8 is a little harsh but 203 not out of the question. I like Russell Rhoads: http://www.cboe.com/blogs/options-hub/2017/07/22/weekend-review-of-volatility-indexes-and-etps---07-17-2017---7-21-2017 Great day!