For the first time since the first week of January VIX is back below 20. Despite VIX making new 2016 lows, S&P is unable to break the early February highs as it appears every effort is being made to jam VIX lower viz the VIX ETF complex. For the 4th time since the August flash-crash, XIV (inverse VIX ETF) has decoupled from SPY (S&P ETF)… will it be different this time?

VIX back below 20… notice the extreme noise in VIX as the recent rally in stocks took off…

But it is the decoupling of the inverse VIX ETF that is most notable…

Trade accordingly.