Someone is taking a massive bet that VIX will be higher but range-bound going into the debt ceiling deadline. A brave soul.
The VIX is a measure of expectations for market swings over the next 30 days and is based on options prices on the S&P 500 index. It tends to rise along with investor anxiety, as stocks fall.
October has historically been a more turbulent month for the stock market
Because the VIX tends to rise when the S&P 500 declines, some investors use it to protect against declines in the stock market