Since my previous post, the S&P 500 has appreciated +3.19% to $4,535.43, with the VIX and VVIX depreciating by -10.03% and -9.21% to 16.41 and 105.48, respectively. My last callout only truly referenced how participants were pricing butterfly securities, implied correlation, and general futures and options positioning in terms of notional contracts. Even then, it was apparent a decent portion of the market (particularly on the ES side) was extremely bearish, with the vast majority being bullish (as evidenced by a lower VIX/VVIX/vol contract positing, etc.). From peak to trough of the S&P500's worst week in several months, on 8/13/2021 to 8/19/2021, the VIX appreciated by over 40% from 15.45 to 21.67, the SPX falling -1.39% from 4468 to 4405.80, and the VVIX appreciating by over 10% from 117.81 to 130.41. As was stated in the previous post, the primary risk factor to be considered was an overreaction in implied volatility, which was clearly seen in this time frame. One more