It's been interesting to watch the VX futures
structure in 2013 until now. It seems that the VX spread - front month minus backmonth - has been getting more expenses as the market continues to make new highs. I try not to read too much into this but to me this mean investors and traders are willing to pay more for near volatility
than longer-term. Perhaps this is a sign that decent correction is getting closer, that on the lines of a 10-20%. I don't know when but it has to come at some point.