For those traders who were desperately hoping that yesterday's VIX selloff would mercifully end in the overnight session, or that - as JPMorgan's Marko Kolanovic suggested some central bank would step in and bail you tout - we have some bad news: not only is the 116% surge in the VIX from yesterday accelerating, it is now up another 35%, above 50 - the highest level since March 2009 - extending its record surge as the vol eruption continues, and crushing the world's vol-sellers, assuring that all those who were collecting pennies in front of a steamroller, end up, well, fully steamrolled.
The VIX term structure has also flipped into massive backwardation...
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