'Price' and 'risk' have decoupled in The Dow over the past 6 weeks or so, since China intervened in its FX markets...
While US equity prices have soared across the board, Dow 'VIX' is up dramatically while S&P 'VIX' is down (as one would historically expect)...
Smashing the cost of protection for The Dow to its highest level relative to the S&P in over 17 years.
..
What are Dow options traders telling us?
