After popping some 45% last week the VIX Index is off 7% to 23.50 this morning and early suggests one player thinks last weeks spike in volatility was overdone and will continue to retreat. Notable trade was a bearish a risk reversal of selling 1,500 of the February $22.50 calls and buying 1,500 of the $18 puts for a $2.80 credit. This position will not only collect that credit if the VIX is below 22.50 in three weeks, remember the VIX futures and options expire three days prior to regular equity option expiration, but must revert to the cash price.