Following on the heels of VIX’s sub 14 close, the always puzzling VIX rose 7% even as the SPY, DIA and QQQ also rose in unison. The hourly chart of the VIX (shaded background) tells it all. TLT has dropped over 1.25% today and the low volume plod to new highs goes on. Qs are running about 30% normal volume led by AAPL and GOOG momentum. If these were inside days we might be able to read a little more from them, but the market is just dithering into option expiration on Friday.Breakout or breakdown?….we’re going to find out pretty quick. Bill Luby adds some clarity to the otherwise convoluted VIX situation….it’s the roll.