Watching the front month vs Dec 13 back month Volatility Index Futures Spread. The spread has been moving upward at a rapid pace displaying the fear being priced into this market. As traders reach for protection now more than later the front month Volatility Index Futures contract is outperforming the back month contract. Closely monitoring this position for a possible breakout here to solidify the traders market hedge exposure. One is of the opinion that the red line above may be breached for a brief period but the better trade is looking to short this spread as the inevitable stimulus of QE continues to have its effect on equity indices to the positive side.