The CBOE Volatility Index (.VIX) is up 4.95 to 45.99 and not far from session highs (46.18) amid increasing demand for portfolio protection. 421K S&P 500 (.SPX) puts traded so far, compared to 134K calls. The top trades in the VIX don’t seem to reflect expecations for higher volatility. In fact, the top trades in VIX options today are May 35/30 put spreads, traded 10000X for 55 cents.

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