post FOMC, the 2nd $VIX future is set to test post-pandemic low. vol pops are fast becoming difficult to remember. I see 3 characteristics of vol that are worth keeping close at hand-->
1. Vol Mean-Reverts: Market disruption events don’t last forever as a combination of cheap asset prices and regulatory fire-fighting response ultimately provides runway for capital to be re-deployed and vol to decline from very high levels.
2. Vol Has Memory: The best predictor of vol tomorrow is vol today. Periods of low vol tend to lead to a self-reinforcing psychology of stability. Conversely, de-risking episodes cause forced selling and more volatility.
3. Vol Exhibits (Very) Positive Skew: Below a widget to assess daily moves in second VIX future since 2016. It's up 45% of the time. But conditional on being up, its up more than 5% nearly 20% of the time. And more than 1/3 of the >5% up days are >10% up days.
"When it goes, it goes" 
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