It was suggested today by VIX afficianado Bill Luby that today's move in the VIX (30% spike) is indicative of 'structural' volatility, or volatility change that is so severe in nature that it deserves a paradigm shift. While I would never outright disagree with Bill, I would like to remind everyone that we are experiencing this spike relative to an unusually low base VIX that was a 12 last week. In fact, we had the lowest VIX settlement since 2007 this week at 12.36. So, be willing to accept a paradigm change in volatility - that this may be an inflection point of higher volatility and perhaps a more challenging environment for equities, but I would also not dare to turn my back on this equity market in the midst of powerful earnings. So in other words, while I am aware we could be at an inflection point I am going to continue to play things by ear. Most of all, I will manage risk more tightly. For me that mostly translates to less un-hedged premium overnight. Just my 2c.