Over the last two years, the VIX
future calendar spread has bounced from around -.1.5 - 2.0 into backwardation quite a bit like clockwork. We can also look at the VIX/VXV ratio, which is also nearing a bottom, as well as the VIX
getting close the 12s again. I would look for a short if the market can break a bit higher and push these measures all down a bit further. Closely watching.