VIX finished the week lower, but notice the change for the standard first, second, and third month futures which was green for the week.  VIX may have dropped at the end of the week, but the VIX futures are acting like the volatility players are not expecting the move lower to hold.

VIX Term Strucutre Table 10272017

One trader took advantage of the volatility strength on Wednesday to get short volatility using Weeklys futures.  With VIX around 12.90 and the Nov 8th Future at 13.00 there was a small buyer of the VIX Nov 8th 13 Puts at 1.50.  They goal here is for VIX to move lower and November 8th settlement to be in line with what has been common lately, a 10 or even 9 handle.  The break-even on this trade at expiration is 11.50 so if things go back to 2017 normal this may be a smart, well-timed fade of VIX moving up this week.  

VIX PO 10272017