Long

LONG VIX SEPT 21ST FUT - BROAD EXHAUSTION & FADING RISK APPETITE

LONG VIX SEPT FUT @12.8 TP 16-20VOLS

1. Fading risk sentiment - back of googl, msft, fb strong earnings not able to push market higher implying risk bid is over.

2. Time value - 7wks for this view to play out. I expect maturity in around 2wks but an extra 5wks of float is only positive.
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