Technically Speaking

We typically don't look at charts for our vega book, but this is interesting as we are showing a 2 for 1 payoff at current spot.  The market is fully priced for perfection.

With the current boom in spot with a boom in vol, we believe a serious payoff is in store for short vol, short delta.  We understand at the recent lows in vol, the marginal buyer will set the price as supply will simply vanish.  However, it seems both cash and vol have over-extended.