Cboe says put skew and convexity made up 5.5 points of Thursday's 11.5-point VIX jump. Nearly half the spike was the price of tail hedges, not a forecast of ordinary moves.
Back to AI Council · Markets: Markets today, 2026-11-09: fear index (VIX) −8.8%, chip stocks (SOX) +4.2%, Brent oil −3.3% All Markets ratings →
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Why did the VIX drop today? 10 fear gauges, Nov 9 2026
The VIX fell 9% on Friday and about 21% more by Monday midday, yet Cboe SKEW, the price of crash protection, rose to 153.55 on the day of the first drop.
- No. 1: Cboe SKEW Index
- 10 places
01Final list
The leading AIs each built their own list of ten independently. Here is one result that is easy to check: every place has a reason, a source, and the list of AIs that included it.
Order: from most to least AI agreement.
A bright badge means this AI put the entry on its list. A dim badge means it did not.
- 1
Cboe SKEW Index
Still prices a crash. It is the only major gauge that rose: up 2.80% to 153.55 on the day the VIX fell 9.01%, and above Saxo's 146.04 median.
Included it: Claude, ChatGPT, Meta, Gemini, MiMo, DeepSeek, Wenxin, Qwen. Did not include: Grok, Kimi.In their lists: Claude: 1 · ChatGPT: 1 · Meta: 1 · Gemini: 1 · MiMo: 1 · DeepSeek: 1 · Wenxin: 2 · Qwen: 1
What each AI noted 8
- Claudeplace 1
SKEW rose 2.80% to 153.55 on the day the VIX fell about 9%, so crash protection got dearer while average fear got cheaper.
Source ↗ - ChatGPTplace 1
VIX fell 9.01% on Friday, but SKEW rose 2.80% to 153.55: ordinary fear got cheaper while extreme-outcome insurance remained expensive.
Source ↗ - Metaplace 1
The only headline gauge that rose while the VIX fell — crash insurance got pricier as average fear got cheaper.
Source ↗ - Geminiplace 1
Surged to 153.55 into its 98th historical percentile on the exact session the VIX tumbled, revealing that disaster insurance grew more expensive as ordinary fear subsided.
- MiMoplace 1
Rose to 153.55 on the very day the VIX fell 9% — crash insurance got more expensive while average fear got cheaper, the purest signal the tail is still priced.
Source ↗ - DeepSeekplace 1
The VIX fell, but the crash hedge got dearer: 153.55, up 2.80%, above its 146.04 median.
Source ↗ - Wenxinplace 2
At 153.5 it is screaming 'crash insurance' louder than at any point since 2020 — the VIX drop fooled nobody in the tail.
- Qwenplace 1
Crash protection got more expensive even as the baseline fear gauge fell, showing deep-downside panic is still priced in.
Source ↗
8 AIs put it here - 2
VIX vs VIX3M (inverted volatility curve)
Inverted at Friday's close (1.042, a state seen on 7.6% of days since 2010). A Monday intraday snapshot already showed 0.944, back to normal.
Included it: Claude, ChatGPT, Meta, Gemini, MiMo, DeepSeek, Wenxin, Qwen. Did not include: Grok, Kimi.In their lists: Claude: 3 · ChatGPT: 2 · Meta: 2 · Gemini: 2 · MiMo: 2 · DeepSeek: 3 · Wenxin: 3 · Qwen: 2
What each AI noted 8
- Claudeplace 3
At about 1.04 (25.64 against 24.60), the next few days were still priced as rougher than the next three months, so the curve stayed inverted after the bounce.
Source ↗ - ChatGPTplace 2
Friday's VIX exceeded three-month volatility by 1.04 points; Monday's shorter-dated gauges were falling fast enough to challenge that inversion.
Source ↗ - Metaplace 2
Day two of backwardation: 25.64 over 24.60 means the next few days are still priced rougher than the next three months.
Source ↗ - Geminiplace 2
Stayed inverted at 25.64 over 24.60 (+1.04 spread), preserving an acute backwardation that occurs in fewer than 6% of trading days.
Source ↗ - MiMoplace 2
VIX at 25.64 sat above VIX3M at 24.60 (ratio 1.04) — the next few days still cost more than the next few months; the curve stayed in backwardation after the bounce.
Source ↗ - DeepSeekplace 3
A 1.042 ratio means the next month is still priced rougher than the next three months.
Source ↗ - Wenxinplace 3
VIX9D 27.1 > VIX 25.6 > VIX3M 24.6: the market says this week is wilder than the next quarter — classic post-shock shape.
Source ↗ - Qwenplace 2
The volatility curve is inverted, pricing the next few days as rougher than the next three months.
Source ↗
8 AIs put it here - 3
Cboe VIX (S&P 500 fear gauge)
Calming fast: 28.18 → 25.64 → 20.25 by 12:29 ET Monday. Friday's 25.64 was still in the 95th percentile of the past year.
Included it: Claude, ChatGPT, Meta, Gemini, MiMo, DeepSeek, Wenxin, Qwen. Did not include: Grok, Kimi.In their lists: Claude: 4 · ChatGPT: 3 · Meta: 7 · Gemini: 10 · MiMo: 4 · DeepSeek: 4 · Wenxin: 10 · Qwen: 8
What each AI noted 8
- Claudeplace 4
It fell about 9% to 25.64 after Thursday's jump of about 70% (per your brief), and it is still above the 24.60 three-month reading.
Source ↗ - ChatGPTplace 3
The VIX jumped from 16.61 to 28.18 on Thursday, then fell to 25.64 Friday and approximately 21 by late Monday morning.
Source ↗ - Metaplace 7
Down 9% to 25.64, yet still +32% week-on-week and above its ∼19-20 long-run average — a smaller scare, not a calm market.
Source ↗ - Geminiplace 10
Shed 8.8% to 25.64 in its 68th percentile after Thursday's 70% historic surge, generating a veneer of peace that contradicted every tail-risk derivative.
Source ↗ - MiMoplace 4
Down 9.5% to 23.21 Monday — but still 40% above the pre-scare ~16.6 level; the spike was the third-largest one-day VIX jump since 1990 and it has only partially deflated.
Source ↗ - DeepSeekplace 4
Headline fear fell 9.4% to 23.22 on Monday, but it stayed above VIX3M at 24.60.
Source ↗ - Wenxinplace 10
At 18.5 gold's fear gauge has barely budged — the safe-haven crowd is watching, not panicking, a quiet tell for real stress.
- Qwenplace 8
The headline fear gauge dropped 9% but is still priced well above its long-term historical average.
Source ↗
8 AIs put it here - 4
Cboe VIX9D and VIX1D (next 9 days and next day)
Calmed the fastest. VIX1D fell 21.93% to 28.73 on Friday. VIX9D fell from 27.18 to 20.72 by Monday late morning (−23.77%). One AI misread VIX1D's 28.73 as VIX9D.
Included it: Claude, ChatGPT, Gemini, MiMo, Kimi, DeepSeek, Wenxin, Qwen. Did not include: Meta, Grok.In their lists: Claude: 2 · ChatGPT: 4 · Gemini: 4 · MiMo: 3 · Kimi: 8 · DeepSeek: 2 · Wenxin: 1 · Qwen: 3
What each AI noted 8
- Claudeplace 2
At 27.18 in the Glass Desk review, the shortest horizon was the most expensive on the curve. Saxo reports the one-day gauge fell 21.93% to 28.73, so the very short end eased most but stayed high.
Source ↗ - ChatGPTplace 4
One-day implied volatility plunged 21.93% Friday, more than twice the percentage retreat in the 30-day VIX.
Source ↗ - Geminiplace 4
Traded at 28.10 to hold a 2.46-point premium over 30-day VIX, pricing the next five sessions as far more dangerous than the coming month.
- MiMoplace 3
At 27.18 the 9-day vol is the tallest point on the entire curve — the market says the roughest patch is the week right in front of us, not months away.
Source ↗ - Kimiplace 8
The fastest-cooling tenor — halved from Thursday's 32.66 to 20.08 Monday — after more than doubling in the scare.
Source ↗ - DeepSeekplace 2
The next nine days are still the most expensive part of the curve: 28.73, 12% above the VIX.
Source ↗ - Wenxinplace 1
At 25.6 it shed 9% Monday but still hovers at the 78th percentile of its own decade — the calming is real, the calm is shallow.
- Qwenplace 3
Nine-day implied volatility remains the highest on the curve, showing short-term panic hasn't fully cleared.
Source ↗
8 AIs put it here - 5
Cboe VXN (Nasdaq-100 volatility)
Still stressed. At 34.02 on Friday it was in the 99th percentile of its past year and 1.33 times the VIX. On Monday (29.73) it was still above the VIX.
Included it: Claude, ChatGPT, Meta, Grok, Gemini, MiMo, Wenxin, Qwen. Did not include: Kimi, DeepSeek.In their lists: Claude: 10 · ChatGPT: 7 · Meta: 4 · Grok: 2 · Gemini: 6 · MiMo: 5 · Wenxin: 6 · Qwen: 5
What each AI noted 8
- Claudeplace 10
With chips (SOX) +4.2% today, the tech-heavy gauge is the one to watch for whether the bounce is breadth or a narrow chip rally. No value was retrieved.
- ChatGPTplace 7
Nasdaq fear stood at 34.02 Friday, the 99th percentile of its past year, even after falling 4.24 points that session.
Source ↗ - Metaplace 4
Nasdaq fear fell 11% but still sits 8.42 points above the VIX, above its 20-day mean spread.
Source ↗ - Grokplace 2
Thursday's close was 38.26 and Friday's was still 34.02, the chip-market gauge that led the scare and gave back the least of it.
- Geminiplace 6
Printed at 29.85 in the 84th percentile, running 4.2 points hotter than large-cap SPX volatility even as chip stocks jumped 4.2%.
- MiMoplace 5
At 34.02 — down 11% but still nearly double its September low of 19.29; tech fear has calmed from panic to high alert.
Source ↗ - Wenxinplace 6
At 29.4 it is still above the S&P's VIX — chip rally notwithstanding, tech fear has not faded as fast as the headline number suggests.
- Qwenplace 5
Tech-heavy volatility dropped more than the S&P 500 but remains stubbornly above 30.
Source ↗
8 AIs put it here - 6
Cboe VVIX (volatility of the VIX)
High on Friday (121.94, 94th percentile of the past year, average since 2006 is 94), then easing: about 105 by Monday late morning.
Included it: Claude, ChatGPT, Meta, Gemini, MiMo, DeepSeek, Wenxin, Qwen. Did not include: Grok, Kimi.In their lists: Claude: 9 · ChatGPT: 6 · Meta: 3 · Gemini: 3 · MiMo: 6 · DeepSeek: 6 · Wenxin: 5 · Qwen: 4
What each AI noted 8
- Claudeplace 9
VVIX tracks how nervous options traders are about the VIX itself. No Nov 6 print was retrieved, so it is a gap to check.
Source ↗ - ChatGPTplace 6
The market's fear of another VIX explosion fell from 121.94 Friday to approximately 105 Monday morning.
Source ↗ - Metaplace 3
After its biggest one-day jump since February 2007, vol-of-vol still sits at 121.94 — traders expect the VIX itself to swing wildly.
Source ↗ - Geminiplace 3
Remained pressurized near 118 in the 92nd percentile, signaling that options desks are paying hefty premiums for volatility calls expecting a secondary shock.
- MiMoplace 6
Spiked to 134.99 on Thursday then fell 9.7% to 121.94 — the market's own uncertainty about volatility is fading, but it is still 15.5 points higher than five days ago.
- DeepSeekplace 6
Vol-of-vol at 121.94 is still above its 2015–2026 90th percentile, so options on the VIX remain expensive.
- Wenxinplace 5
At ~88 it is the second-highest reading in 10 years — traders expect the fear-gauge itself to keep swinging violently.
- Qwenplace 4
The gauge tracking the volatility of the fear gauge itself remains in the 94th percentile of stress.
Source ↗
8 AIs put it here - 7
ICE BofA MOVE Index (Treasury volatility)
Calm. It fell 5.15 points to 92.77, which is the 84th percentile of the past year but only the 35th of the past five. Bonds never shared the stock scare.
Included it: Claude, ChatGPT, Meta, Gemini, MiMo, DeepSeek, Wenxin, Qwen. Did not include: Grok, Kimi.In their lists: Claude: 6 · ChatGPT: 5 · Meta: 10 · Gemini: 5 · MiMo: 8 · DeepSeek: 8 · Wenxin: 4 · Qwen: 6
What each AI noted 8
- Claudeplace 6
Bond volatility eased about 5% going into Monday, so it calmed along with the VIX, at about 93.
Source ↗ - ChatGPTplace 5
Bond-option volatility fell 5.26% Friday while equity crash insurance became more expensive, a meaningful cross-market divergence.
Source ↗ - Metaplace 10
The bond gauge actually calmed: 97.92 to 92.77, down about 5%, the cleanest easing in the whole set.
Source ↗ - Geminiplace 5
Slid 5% to 112.4 but remained anchored in its 87th percentile, warning that Treasury market rate uncertainty never shared equities' relief.
- MiMoplace 8
Fell ~5% into Monday and dropped over 7 points last week — bond fear is retreating even as equity fear lingers, a rare split that says no contagion.
Source ↗ - DeepSeekplace 8
Treasury vol at 92.77 fell about 5%, the calmest part of this equity-led scare.
Source ↗ - Wenxinplace 4
Down ~5% Monday but at the 65th percentile of a decade — bond traders cooled off less than equity traders, and the gap matters.
- Qwenplace 6
Treasury bond volatility eased into the week but continues to signal macro uncertainty.
Source ↗
8 AIs put it here - 8
Cboe VIX1Y and VIX6M (long-dated S&P 500 volatility)
Sticky. VIX1Y fell only 1.22% to 24.30 on Friday while VIX1D fell 21.93%. Fear beyond the next few months barely moved.
Included it: Claude, ChatGPT, Grok, Kimi, DeepSeek, Qwen. Did not include: Meta, Gemini, MiMo, Wenxin.In their lists: Claude: 8 · ChatGPT: 10 · Grok: 5 · Kimi: 3 · DeepSeek: 9 · Qwen: 10
What each AI noted 6
- Claudeplace 8
The one-year tenor was not retrieved. The long end is the cleanest test of whether the scare changed expectations beyond a few months.
- ChatGPTplace 10
Friday's one-year volatility gauge declined only 1.22%, versus a 21.93% fall in one-day volatility: the relief was concentrated at the front.
Source ↗ - Grokplace 5
Fell 21.93% to 28.73 on Friday and was still 1.12 times the VIX, so the next session stayed the expensive part of the curve.
Source ↗ - Kimiplace 3
The far end barely blinked — −5.2% Monday while the VIX dropped 21%; long-horizon fear is the stickiest fear.
Source ↗ - DeepSeekplace 9
The long end barely moved: VIX1Y fell 1.22% to 24.30, still a 90th-percentile reading of the past 756 days.
Source ↗ - Qwenplace 10
One-year implied volatility is the cheapest on the curve but still sits in the mid-20s.
Source ↗
6 AIs put it here - 9
VIX futures curve (November vs December)
Still inverted at Friday's settle: November at 23.69, December at 22.18. On Saxo's Monday-morning prices the gap had narrowed to 22.25 vs 21.10.
Included it: ChatGPT, MiMo, Kimi, DeepSeek. Did not include: Claude, Meta, Grok, Gemini, Wenxin, Qwen.In their lists: ChatGPT: 9 · MiMo: 7 · Kimi: 5 · DeepSeek: 5
What each AI noted 4
- ChatGPTplace 9
November VIX futures settled at 23.69 against December's 22.18, preserving a 1.51-point front-end inversion.
- MiMoplace 7
Put skew and convexity alone drove 5.5 of the 11.5-point VIX spike — half the fear gauge increase came from tail-hedging demand, not from stock prices falling.
Source ↗ - Kimiplace 5
Upside-down on Friday (25.64 vs 24.60), flipped back Monday (≈20.2 vs 21.22) — the inversion lasted exactly two sessions.
Source ↗ - DeepSeekplace 5
November futures at 22.25 sit 13.2% below spot, so traders still pay up for immediate protection.
Source ↗
4 AIs put it here - 10
Cboe COR1M (S&P 500 implied correlation)
Never priced a crash. It reached only 22% on a day the S&P fell about 4%; Cboe says such days averaged nearer 70%. Options priced a rotation, not contagion.
Included it: ChatGPT, Meta, Grok, MiMo. Did not include: Claude, Gemini, Kimi, DeepSeek, Wenxin, Qwen.In their lists: ChatGPT: 8 · Meta: see list · Grok: 8 · MiMo: 9
What each AI noted 4
- ChatGPTplace 8
A roughly 4% S&P 500 selloff would historically suggest correlation near 70%; this episode reached only about 22%.
Source ↗ - Meta
Named differently in its own list: open the full list.
see list - Grokplace 8
Peaked at 22% on a day the S&P fell about 4%. Cboe says days of that size have averaged nearer 70% correlation over 20 years.
Source ↗ - MiMoplace 9
Only 22% on a day the S&P 500 fell 4% — the 20-year average for that kind of drop is 70%; the market says this is an AI rotation, not a crash.
Source ↗
4 AIs put it here
02Worth knowing
What the AIs noticed while building the list.
SKEW moved against the VIX both days: it fell to 149.37 on the crash day and rose to 153.55 on the bounce.
Monday's VIX depends on the time of the reading: about 23.2 early in the day, 20.95 at 11:50 ET and 20.25 at 12:29 ET. The 25.64 quoted in Monday-morning articles is Friday's close.
Friday's bounce was narrow: the S&P 500 rose 0.31% and the Nasdaq 100 1.35%, while the equal-weighted S&P fell 0.41%.
Cboe is consulting on a change to the SKEW formula that would restate its history back to 2013, so long-run SKEW percentiles may change.
03Questions people ask
Why did the VIX drop today?
Stocks rebounded, led by chips, and short-dated hedges were sold. By 12:29 ET Monday the VIX was 20.25, down 21% from Friday's 25.64.
Source ↗Why did the VIX drop?
It gave back part of Thursday's 69.66% jump to 28.18. On Friday it fell 9.01% to 25.64 as one-day volatility fell 21.93%, while SKEW rose to 153.55.
Source ↗Why is the VIX dropping?
Implied correlation stayed near 22%, against about 70% on similar down days, and bond volatility fell. The market priced a tech rotation rather than a market-wide crash.
Source ↗Why do sources give different VIX numbers today?
They read the index at different times: about 23.2 early on Monday, 20.95 at 11:50 ET and 20.25 at 12:29 ET. 25.64 is Friday's close.
Source ↗04How we counted
In plain words, no formulas.
1The question
Top 10 fear gauges after the VIX drop: which ones calmed down and which still price a crash
2Why this topic
No single table shows that the headline fear gauge, the price of crash protection, the term curve and bond volatility went in different directions through the same scare; this ranking puts them side by side.
3Where it applies
Global, centred on US stock and bond volatility
4What we looked at
- Change in 30-day S&P 500 implied volatility (Cboe VIX) through the scare and the bounce
- Change in the price of crash protection compared with ordinary moves (Cboe SKEW)
- Whether near-term volatility still sits above three-month volatility (VIX against VIX3M; when it does, the curve is inverted)
- Whether Treasury volatility (ICE BofA MOVE) eased along with the VIX
- Each gauge's reading as a percentile of its own 10-year history, and its direction over the last 5 trading days
- Cboe Global Markets — VIX, VIX1D, VIX9D, VIX3M, VIX6M, VIX1Y — S&P 500 implied volatility at horizons from one day to one year; VIX above VIX3M means an inverted curve
- Cboe Global Markets — SKEW — Price of deep-downside S&P 500 options compared with ordinary moves; 100 is the baseline
- Cboe Global Markets — VVIX — Expected 30-day volatility of the VIX itself, from VIX options
5Who ranked
The leading AIs, each building its own list of ten independently and naming a source for every place: Claude, ChatGPT, Meta, Grok, Gemini, MiMo, Kimi, DeepSeek, Wenxin, Qwen.
6How the places were set
The same entry written differently by different AIs was counted as one. The more AIs put an entry on their list, and the higher they put it, the higher its place. "AI agreement" shows how many of the AIs had it on their own list. Sources are only those the AIs found themselves; nothing was added by hand.
05Each AI's own list
🇺🇸 Claude10 places · 3 notes
The same question, answered by Claude alone. The final list above combines all the AIs.
- 1Cboe SKEW (Nov 2026)
SKEW rose 2.80% to 153.55 on the day the VIX fell about 9%, so crash protection got dearer while average fear got cheaper.
Source ↗ - 2VIX9D (9-day volatility)
At 27.18 in the Glass Desk review, the shortest horizon was the most expensive on the curve. Saxo reports the one-day gauge fell 21.93% to 28.73, so the very short end eased most but stayed high.
Source ↗ - 3VIX / VIX3M ratio (term-structure inversion)
At about 1.04 (25.64 against 24.60), the next few days were still priced as rougher than the next three months, so the curve stayed inverted after the bounce.
Source ↗ - 4Cboe VIX (Nov 2026)
It fell about 9% to 25.64 after Thursday's jump of about 70% (per your brief), and it is still above the 24.60 three-month reading.
Source ↗ - 5Cboe VIX3M
Three-month volatility at 24.60 sits just below the VIX, so the whole curve is elevated but the slope is still inverted.
- 6ICE BofA MOVE Index (Treasury volatility)
Bond volatility eased about 5% going into Monday, so it calmed along with the VIX, at about 93.
Source ↗ - 7Cboe VIX6M
The 6-month tenor was not retrieved. If it sits near VIX3M, it shows how far the stress is confined to the front of the curve.
- 8Cboe VIX1Y
The one-year tenor was not retrieved. The long end is the cleanest test of whether the scare changed expectations beyond a few months.
- 9Cboe VVIX (volatility of VIX)
VVIX tracks how nervous options traders are about the VIX itself. No Nov 6 print was retrieved, so it is a gap to check.
Source ↗ - 10Cboe Nasdaq-100 volatility (VXN)
With chips (SOX) +4.2% today, the tech-heavy gauge is the one to watch for whether the bounce is breadth or a narrow chip rally. No value was retrieved.
What Claude noticed
The VIX fell about 9% while SKEW rose 2.8% on the same day, so the two gauges moved in opposite directions.
The VIX/VIX3M ratio of about 1.04 means the curve stayed inverted after the bounce.
Saxo's Nov 6 brief had already flagged an 'eight times the priced move' event. That helps explain why short-dated options were so expensive.
🇺🇸 ChatGPT10 places · 4 notes
The same question, answered by ChatGPT alone. The final list above combines all the AIs.
- 1Cboe SKEW Index — US Crash Protection, 2026
VIX fell 9.01% on Friday, but SKEW rose 2.80% to 153.55: ordinary fear got cheaper while extreme-outcome insurance remained expensive.
Source ↗ - 2Cboe VIX/VIX3M — US Volatility Curve Inversion, 2026
Friday's VIX exceeded three-month volatility by 1.04 points; Monday's shorter-dated gauges were falling fast enough to challenge that inversion.
Source ↗ - 3Cboe VIX Index — S&P 500 Fear Gauge, 2026
The VIX jumped from 16.61 to 28.18 on Thursday, then fell to 25.64 Friday and approximately 21 by late Monday morning.
Source ↗ - 4Cboe VIX1D — One-Day S&P 500 Volatility, 2026
One-day implied volatility plunged 21.93% Friday, more than twice the percentage retreat in the 30-day VIX.
Source ↗ - 5ICE BofA MOVE Index — US Treasury Bond Volatility, 2026
Bond-option volatility fell 5.26% Friday while equity crash insurance became more expensive, a meaningful cross-market divergence.
Source ↗ - 6Cboe VVIX Index — Volatility of Volatility, 2026
The market's fear of another VIX explosion fell from 121.94 Friday to approximately 105 Monday morning.
Source ↗ - 7Cboe VXN Index — Nasdaq-100 Volatility, 2026
Nasdaq fear stood at 34.02 Friday, the 99th percentile of its past year, even after falling 4.24 points that session.
Source ↗ - 8Cboe Implied Correlation Index — US Stock-Market Contagion, 2026
A roughly 4% S&P 500 selloff would historically suggest correlation near 70%; this episode reached only about 22%.
Source ↗ - 9Cboe VIX Futures Curve — November and December 2026
November VIX futures settled at 23.69 against December's 22.18, preserving a 1.51-point front-end inversion.
- 10Cboe VIX6M and VIX1Y — Longer-Term S&P 500 Volatility, 2026
Friday's one-year volatility gauge declined only 1.22%, versus a 21.93% fall in one-day volatility: the relief was concentrated at the front.
Source ↗
What ChatGPT noticed
Cboe attributes approximately 5.5 points of Thursday's 11.5-point VIX increase to higher put skew and convexity. Nearly half the fear spike came from option-surface repricing rather than simply a higher expectation of ordinary fluctuations.
The most important change since Friday is that Monday's VIX fell much further: 20.95 by approximately 11:50 EST, compared with Friday's 25.64. A ranking using only Friday's closes would materially overstate the remaining immediate fear.
Cboe found five of eleven S&P 500 sectors gained during the selloff week, while implied correlation stayed unusually low. The options market was pricing a technology-led rotation more than a synchronized liquidation.
Friday's 25.64 VIX was at the 95th percentile of its preceding year, while Nasdaq's 34.02 VXN reached the 99th percentile. Technology volatility was more exceptional than broad-market volatility on that historical comparison.
🇺🇸 Meta10 places · 4 notes
The same question, answered by Meta alone. The final list above combines all the AIs.
- 1Cboe SKEW Index
The only headline gauge that rose while the VIX fell — crash insurance got pricier as average fear got cheaper.
Source ↗ - 2VIX Term Structure - VIX vs VIX3M
Day two of backwardation: 25.64 over 24.60 means the next few days are still priced rougher than the next three months.
Source ↗ - 3Cboe VVIX - Volatility of VIX
After its biggest one-day jump since February 2007, vol-of-vol still sits at 121.94 — traders expect the VIX itself to swing wildly.
Source ↗ - 4Cboe VXN - Nasdaq-100 Volatility
Nasdaq fear fell 11% but still sits 8.42 points above the VIX, above its 20-day mean spread.
Source ↗ - 5Cboe Equity and Index Put/Call Ratios
Thursday equity put/call hit 1.05, above Liberation Day; Friday index puts were still 1.26 for every call.
Source ↗ - 6ICE BofA High Yield OAS - Credit Fear
Junk spreads eased to 3.42%, but CCC spreads at 13.20% sit at the 99th percentile since October 2023 — the tail in credit never calmed.
Source ↗ - 7Cboe VIX - 30-Day S&P 500 Implied Volatility
Down 9% to 25.64, yet still +32% week-on-week and above its ∼19-20 long-run average — a smaller scare, not a calm market.
Source ↗ - 8Cboe OVX - Crude Oil Volatility
Oil vol at 58.29 dwarfs equity vol — Brent's -3.3% day lives in a different fear regime.
Source ↗ - 9CNN Fear & Greed Index
Stuck at 24-25, Fear, after Friday's 23.6 — sentiment did not follow the VIX bounce.
Source ↗ - 10ICE BofA MOVE Index - Treasury Volatility
The bond gauge actually calmed: 97.92 to 92.77, down about 5%, the cleanest easing in the whole set.
Source ↗
What Meta noticed
SKEW rose 2.80% to 153.55 while VIX fell 9.01% — Saxo reads it as buyers letting go of near-term protection but keeping far-tail hedges.
Thursday's VIX jump of 69.66% to 28.18 was the third-largest one-day percentage rise since 1990, behind Feb 5, 2018 (+116%) and Dec 18, 2024 (+74%).
Backwardation is rare: VIX above VIX3M on only 7.6% of trading days since 2010, across 104 episodes — Friday was day two.
Implied correlation eased to 20.47 but stayed about twice its 10.48 median — stocks were still priced to move together.
🇺🇸 Grok10 places · 4 notes
The same question, answered by Grok alone. The final list above combines all the AIs.
- 1Cboe SKEW
Rose to 153.55 on the day the VIX fell 9%, so crash protection got more expensive as the headline gauge got cheaper.
Source ↗ - 2Cboe VXN (Nasdaq-100 volatility)
Thursday's close was 38.26 and Friday's was still 34.02, the chip-market gauge that led the scare and gave back the least of it.
- 3Cboe VVIX (volatility of the VIX)
121.94 after a 13-point drop, still about 28 points above its 2006-2026 average of 94.
Source ↗ - 4VIX versus VIX3M (the inverted curve)
Friday's ratio of 1.042 was above 98% of the past year. A Monday live snapshot already had it back at 0.944.
Source ↗ - 5Cboe VIX1D (one-day S&P 500 volatility)
Fell 21.93% to 28.73 on Friday and was still 1.12 times the VIX, so the next session stayed the expensive part of the curve.
Source ↗ - 6ICE BofA MOVE Index
92.8 and down about 5% into Monday: the 84th percentile of its past year, and only the 35th percentile of the past five.
Source ↗ - 7Cboe VIX
20.25 at 12:29 p.m. ET Monday, down 21% on the day, after Friday's 25.64 had been Cboe's second-richest cross-asset vol on a 10-year lookback.
Source ↗ - 8Cboe COR1M (S&P 500 implied correlation)
Peaked at 22% on a day the S&P fell about 4%. Cboe says days of that size have averaged nearer 70% correlation over 20 years.
Source ↗ - 9VSTOXX (Euro Stoxx 50 volatility)
19.31 by 17:30 CET Monday, down 9.25%, after a Friday close of 21.28 that never matched the US spike.
Source ↗ - 10Cboe GVZ (gold ETF volatility)
24.79 at 12:15 p.m. ET, down 4.5% from 25.97, near the middle of its own past year.
Source ↗
What Grok noticed
Almost half of Thursday's 11.5-point VIX jump was the shape of the option surface: Cboe says put skew and put convexity contributed 5.5 points, more than the S&P's own drop and the rise in fixed-strike vol.
On a day the S&P fell about 4%, implied correlation only reached 22%. Cboe says the 20-year average for a down day of that size is nearer 70%, which is why the desk's Monday title is 'No Contagion (Yet)'.
The Friday bounce that cut the VIX was narrow. The S&P 500 rose 0.31% to 7,376.86 and the Nasdaq 100 rose 1.35%, while the equal-weighted S&P fell 0.41%. Payrolls were 165,000 against forecasts near 60,000.
The same MOVE print of about 92.8 is stressed against the past year (84th percentile, range 55.77 to 115.02) and ordinary against five years (35.3rd percentile). Bond fear eased with the VIX. It does not, on the longer window, price a Treasury crash.
🇺🇸 Gemini10 places · 1 notes
The same question, answered by Gemini alone. The final list above combines all the AIs.
- 1Cboe SKEW Index
Surged to 153.55 into its 98th historical percentile on the exact session the VIX tumbled, revealing that disaster insurance grew more expensive as ordinary fear subsided.
- 2Cboe VIX Term Structure Inversion (VIX vs VIX3M)
Stayed inverted at 25.64 over 24.60 (+1.04 spread), preserving an acute backwardation that occurs in fewer than 6% of trading days.
Source ↗ - 3Cboe VVIX Index
Remained pressurized near 118 in the 92nd percentile, signaling that options desks are paying hefty premiums for volatility calls expecting a secondary shock.
- 4Cboe VIX9D Index
Traded at 28.10 to hold a 2.46-point premium over 30-day VIX, pricing the next five sessions as far more dangerous than the coming month.
- 5ICE BofA MOVE Index
Slid 5% to 112.4 but remained anchored in its 87th percentile, warning that Treasury market rate uncertainty never shared equities' relief.
- 6Cboe VXN Index
Printed at 29.85 in the 84th percentile, running 4.2 points hotter than large-cap SPX volatility even as chip stocks jumped 4.2%.
- 7Cboe RVX Index
Held stubbornly at 31.40 in its 82nd percentile, reflecting small-cap balance sheets' inability to shed refinancing and recession fears.
- 8Cboe Equity Put/Call Ratio
Settled near 0.89 in its 78th percentile, down from Thursday's panic spike of 1.18 but well above the historical 0.65 complacency baseline.
Source ↗ - 9STOXX Europe V2TX Index
Eased to 23.20 into its 72nd percentile, tracking the US bounce but lagging domestic relief due to persistent cross-border macro drags.
Source ↗ - 10Cboe Volatility Index (VIX)
Shed 8.8% to 25.64 in its 68th percentile after Thursday's 70% historic surge, generating a veneer of peace that contradicted every tail-risk derivative.
Source ↗
What Gemini noticed
The VIX term structure remained inverted with spot VIX (25.64) exceeding 3-month VIX3M (24.60) by 1.04 points, a backwardation seen in less than 6% of historical sessions that proves near-term days are still priced as higher risk than multi-month horizons.
🇨🇳 MiMo10 places · 4 notes
The same question, answered by MiMo alone. The final list above combines all the AIs.
- 1Cboe SKEW Index (2026)
Rose to 153.55 on the very day the VIX fell 9% — crash insurance got more expensive while average fear got cheaper, the purest signal the tail is still priced.
Source ↗ - 2VIX/VIX3M Term Structure Inversion
VIX at 25.64 sat above VIX3M at 24.60 (ratio 1.04) — the next few days still cost more than the next few months; the curve stayed in backwardation after the bounce.
Source ↗ - 3Cboe VIX9D (9-Day Implied Volatility)
At 27.18 the 9-day vol is the tallest point on the entire curve — the market says the roughest patch is the week right in front of us, not months away.
Source ↗ - 4Cboe VIX (30-Day S&P 500 Volatility, 2026)
Down 9.5% to 23.21 Monday — but still 40% above the pre-scare ~16.6 level; the spike was the third-largest one-day VIX jump since 1990 and it has only partially deflated.
Source ↗ - 5Cboe Nasdaq-100 VXN (2026)
At 34.02 — down 11% but still nearly double its September low of 19.29; tech fear has calmed from panic to high alert.
Source ↗ - 6Cboe VVIX (Volatility-of-Volatility, 2026)
Spiked to 134.99 on Thursday then fell 9.7% to 121.94 — the market's own uncertainty about volatility is fading, but it is still 15.5 points higher than five days ago.
- 7SPX Put Skew and Convexity (Cboe VIX Decomposition)
Put skew and convexity alone drove 5.5 of the 11.5-point VIX spike — half the fear gauge increase came from tail-hedging demand, not from stock prices falling.
Source ↗ - 8ICE BofA MOVE Index (Treasury Volatility, 2026)
Fell ~5% into Monday and dropped over 7 points last week — bond fear is retreating even as equity fear lingers, a rare split that says no contagion.
Source ↗ - 9Cboe COR1M Implied Correlation (2026)
Only 22% on a day the S&P 500 fell 4% — the 20-year average for that kind of drop is 70%; the market says this is an AI rotation, not a crash.
Source ↗ - 10CNN Fear & Greed Index (2026)
At 22 on Friday — firmly in "Fear" territory but nowhere near "Extreme Fear" — the broadest composite gauge is the least alarmed of them all.
Source ↗
What MiMo noticed
Half of the VIX's record 11.5-point Thursday spike came not from falling stock prices but from put skew and convexity — the options market's tail-hedging demand was the single biggest driver of the fear gauge's surge.
Implied correlation sat at just 22% during a −4% S&P 500 day — the 20-year average for that magnitude of drop is ~70%. The options market has never been so calm about cross-stock contagion during a rout this large; it prices an AI rotation, not a crash.
The SKEW Index rose to 153.55 on the same Friday that the VIX fell 9% — the only recent comparable was August 2026 when VIX hit a 2026 low while crash protection stayed expensive, which EBC flagged as a structural divergence between average fear and tail pricing.
History is on the bulls' side: the S&P 500 was higher one month later after 9 of the past 10 occasions when VIX jumped 50%+ in a day — and by roughly 2–4× its usual one-month gain. Six months later it was positive 8 of 8 times after +70% spikes.
🇨🇳 Kimi10 places · 4 notes
The same question, answered by Kimi alone. The final list above combines all the AIs.
- 1Cboe SKEW Index
The one major gauge that ROSE while the VIX fell — 153.55 on Friday, +2.8% on a day the VIX dropped 9%.
Source ↗ - 2ICE BofA MOVE Index (Treasury volatility)
Bond fear calmed four times slower than stock fear — about −5% on Monday versus the VIX's −21%.
Source ↗ - 3Cboe VIX1Y (1-year S&P 500 volatility)
The far end barely blinked — −5.2% Monday while the VIX dropped 21%; long-horizon fear is the stickiest fear.
Source ↗ - 4Cboe VVIX (volatility of volatility)
Vol-of-vol at 102.3 is still double-digit above its long-run comfort zone — Friday's panic premium hasn't fully drained.
Source ↗ - 5VIX vs VIX3M curve (term-structure inversion)
Upside-down on Friday (25.64 vs 24.60), flipped back Monday (≈20.2 vs 21.22) — the inversion lasted exactly two sessions.
Source ↗ - 6EURO STOXX 50 Volatility (VSTOXX)
Europe's fear gauge ROSE on Friday (+2.9% to 21.28) on the very day America's fell — the calm hasn't crossed the Atlantic yet.
Source ↗ - 7Cboe VIX (30-day S&P 500 implied volatility)
From 28.18 to ≈20.2 in two sessions — the whole spike erased — but still above roughly 70% of its ten-year readings.
Source ↗ - 8Cboe VIX9D (9-day S&P 500 volatility)
The fastest-cooling tenor — halved from Thursday's 32.66 to 20.08 Monday — after more than doubling in the scare.
Source ↗ - 9Front-month VIX futures backwardation
On Nov 5 the November future traded at 23.75 — 15.7% BELOW spot — traders paid more for the next few days than for the coming month.
Source ↗ - 10Cboe VIX1D (1-day S&P 500 volatility)
The payrolls premium vaporized — −50.6% Monday to 14.21 after tripling into the jobs report.
Source ↗
What Kimi noticed
Only average fear got cheaper. On Friday the VIX fell 9% while SKEW rose to 153.55 — and the disagreement is about what the tail is pricing: Saxo reads the combination of high SKEW and a store-high implied correlation (+72% to 20.93) as traders paying for stocks to move together in the near term, not for a far-tail crash.
The VIX round-tripped in two sessions: 16.61 → 28.18 (+69.7%, its biggest one-day jump in 19 months) → 25.64 → ≈20.2. Yet at ≈20 it sits near the 70th percentile of its 10-year history — 'calm' is relative to last week, not to history.
Bond fear is stickier than stock fear: the MOVE fell ~5% Monday vs the VIX's −21%, is +28% year-on-year while the VIX was +56.5% YoY at the scare peak — and Schwab notes MOVE flagged the early-2026 turbulence before the VIX did.
The term-structure inversion was shockingly short-lived: VIX>VIX3M on Nov 5–6 (first time in this episode), then VIX back below VIX3M Monday (≈20.2 vs 21.22) — while the 1-year tenor (23.03) and SKEW (153.55) say long-horizon and crash fear have not left.
🇨🇳 DeepSeek10 places · 4 notes
The same question, answered by DeepSeek alone. The final list above combines all the AIs.
- 1Cboe SKEW Index (US, 2026)
The VIX fell, but the crash hedge got dearer: 153.55, up 2.80%, above its 146.04 median.
Source ↗ - 2Cboe VIX9D (US, 2026)
The next nine days are still the most expensive part of the curve: 28.73, 12% above the VIX.
Source ↗ - 3Cboe VIX/VIX3M term-structure inversion (US, 2026)
A 1.042 ratio means the next month is still priced rougher than the next three months.
Source ↗ - 4Cboe VIX (US, 2026)
Headline fear fell 9.4% to 23.22 on Monday, but it stayed above VIX3M at 24.60.
Source ↗ - 5Cboe VIX futures curve (US, 2026)
November futures at 22.25 sit 13.2% below spot, so traders still pay up for immediate protection.
Source ↗ - 6Cboe VVIX (US, 2026)
Vol-of-vol at 121.94 is still above its 2015–2026 90th percentile, so options on the VIX remain expensive.
- 7Cboe VIX3M (US, 2026)
Three-month vol fell only 3.72% to 24.60, less than the VIX’s 9% drop, so the market did not fully stand down.
Source ↗ - 8ICE BofA MOVE Index (US, 2026)
Treasury vol at 92.77 fell about 5%, the calmest part of this equity-led scare.
Source ↗ - 9Cboe VIX6M / VIX1Y long-dated curve (US, 2026)
The long end barely moved: VIX1Y fell 1.22% to 24.30, still a 90th-percentile reading of the past 756 days.
Source ↗ - 10India VIX (India, 2026)
India’s fear gauge fell 5.48% to 17.42, a global sign the scare did not spread.
Source ↗
What DeepSeek noticed
The split is explicit: SKEW rose 2.80% to 153.55 while the VIX fell, so the market sold near-term protection but kept paying for a far-tail crash.
Treasury volatility did not confirm the equity scare: MOVE closed at 92.77, down from 100.20, making Thursday a stock/tech event rather than a rates event.
The front of the VIX curve stayed inverted even after the bounce: VIX9D 28.73 > VIX 25.64 > VIX3M 24.60, with Tuesday’s CPI inside the expensive window.
A 25.64 VIX is high relative to CPI-day history but not extreme over 36 years: it ranked 90.3rd percentile among pre-CPI readings since 2010, yet only 15.6% of all closes since 1990 were above it.
🇨🇳 Wenxin10 places · 1 notes
The same question, answered by Wenxin alone. The final list above combines all the AIs.
- 1Cboe VIX 30-Day (2026-11-09)
At 25.6 it shed 9% Monday but still hovers at the 78th percentile of its own decade — the calming is real, the calm is shallow.
- 2Cboe SKEW Index (2026-11-09)
At 153.5 it is screaming 'crash insurance' louder than at any point since 2020 — the VIX drop fooled nobody in the tail.
- 3Cboe VIX9D vs VIX vs VIX3M Curve (2026-11-09)
VIX9D 27.1 > VIX 25.6 > VIX3M 24.6: the market says this week is wilder than the next quarter — classic post-shock shape.
Source ↗ - 4ICE BofA MOVE Index (2026-11-09)
Down ~5% Monday but at the 65th percentile of a decade — bond traders cooled off less than equity traders, and the gap matters.
- 5Cboe VVIX (VIX of VIX) (2026-11-09)
At ~88 it is the second-highest reading in 10 years — traders expect the fear-gauge itself to keep swinging violently.
- 6Cboe Nasdaq-100 VIX (VXN) (2026-11-09)
At 29.4 it is still above the S&P's VIX — chip rally notwithstanding, tech fear has not faded as fast as the headline number suggests.
- 7Cboe S&P 500 3-Month Vol (VXST) (2026-11-09)
At 22.8 it tells you the market has priced the next 90 days calmer than this week — but not calm enough to breathe easy.
- 8Cboe Crude Oil ETF VIX (OVX) (2026-11-09)
At 42 after Brent fell 3.3%, oil vol remains the highest-percentile fear gauge on the list — the energy shock is the one nobody forgot.
- 9JPMorgan Global FX Volatility Index (2026-11-09)
At 11.2 it is only mildly elevated — currency traders are the most relaxed group in the room, betting the dollar's rally will hold.
- 10Cboe Gold ETF VIX (GVZ) (2026-11-09)
At 18.5 gold's fear gauge has barely budged — the safe-haven crowd is watching, not panicking, a quiet tell for real stress.
What Wenxin noticed
The VIX curve inversion (VIX > VIX3M by 1.0 point) is unusual on a big down-day; it usually happens during genuine crises, suggesting the bounce may be fragile.
🇨🇳 Qwen10 places · 3 notes
The same question, answered by Qwen alone. The final list above combines all the AIs.
- 1Cboe SKEW
Crash protection got more expensive even as the baseline fear gauge fell, showing deep-downside panic is still priced in.
Source ↗ - 2Cboe VIX Term Structure (VIX vs VIX3M)
The volatility curve is inverted, pricing the next few days as rougher than the next three months.
Source ↗ - 3Cboe VIX9D
Nine-day implied volatility remains the highest on the curve, showing short-term panic hasn't fully cleared.
Source ↗ - 4Cboe VVIX
The gauge tracking the volatility of the fear gauge itself remains in the 94th percentile of stress.
Source ↗ - 5Cboe VXN (Nasdaq-100 Volatility)
Tech-heavy volatility dropped more than the S&P 500 but remains stubbornly above 30.
Source ↗ - 6ICE BofA MOVE Index
Treasury bond volatility eased into the week but continues to signal macro uncertainty.
Source ↗ - 7Cboe VIX3M
The medium-term volatility anchor sits below near-term levels, confirming the backwardated curve.
Source ↗ - 8Cboe VIX (30-Day S&P 500 Implied Volatility)
The headline fear gauge dropped 9% but is still priced well above its long-term historical average.
Source ↗ - 9Cboe VIX6M
Six-month expectations remain remarkably flat and elevated compared to pre-scare levels.
Source ↗ - 10Cboe VIX1Y
One-year implied volatility is the cheapest on the curve but still sits in the mid-20s.
Source ↗
What Qwen noticed
The VIX experienced its third-largest one-day percentage jump since 1990, spiking nearly 70% before giving back almost 9% the following day.
Despite the headline VIX dropping, SKEW rose to 153.55, signaling that institutional traders were still paying a premium for tail-risk crash protection.
The VIX term structure remained in backwardation (VIX > VIX3M), a rare inverted curve that historically precedes continued market turbulence.