How does that happen? S&P Down 17points yet the VIX is down $0.55 ... why? ... also what do you mean by Beta slippage? .... I'm seeing the S&P drop to under 1300 to as low as 1200 in the next 4 weeks ... but the Vix isn't moving ... there's no chance we'll be seeing the 2 parties come to terms on the 'Fiscal Cliff' there's a 30% chance and growing that we will be going over the cliff a 50% chance that it gets kicked down the road for 3 months ... also there's the debt ceiling coming up in 3 months ... Is it possible that the markets are so comfortable with thier profits over the past few months that there is no fear of loss ... that would mean the S&P could drop very quickly to 1300 ... if that were the case where would the VIX go to and where would that put the TVIX value at? .... I'm seeing the TVIX to go to $5 to $6 in the next 4 weeks as we get closer and closer to the Cliff ... the earnings downgrades if they do go over the cliff will be simular to 2008 yet nobody seems to worry :) ... hold on to your hats folks!