I’m in New York today and have been in contact with several different types of market participants. A common theme in the conversations I’ve had about today’s action was that VIX seemed too low relative to the panic going on in global equity markets. VIX in the low 20’s didn’t have the feel of a market panic equivalent to the S&P 500 losing over 3%. However, it is worth noting that VIX moved higher overnight, but has been hovering in a range most of the day. The equity markets adjusted to the reality of Britain moving out of the EU, but did so in sort of an orderly way. I can only venture to guess whether VIX not overreacting had a calming effect and gave buyers confidence in the markets or if the equity markets gapping down, but then not gapping lower resulted in VIX not climbing to higher levels. This is a debate that you can take the either side of. I do know that VIX adjusted higher and the equity market adjusted lower and VIX did not indicate full blown panic in the move.