Term Structure is still in backwardation which has persisted through much of this correction period. Keep in mind, m2 is the focus as m1 will expire next week Wednesday morning. m2 has only 1% backwardation presently so if all things remain status quo into Dec 19 expiration, we should see backwardation ease. This assumes VIX comes off the 22 level and edges down toward 19-20.
Haven’t been a lot of hedgers really. More of a general correction with limited implied volatility. Normal corrections we should be in7-10% backwardation
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