Summary: In this episode, we explore the impact of rates on the equity volatility markets and we discuss whether this is a spike or a swell in the volatility market. We also look at top trades, etc. in SPIKES, VIX, VVIX, VXX, UVXY. We discuss your questions about contango, backwardation, divergence and the VIX. We also talk about where VIX/SPIKES will be next week.