Volatility Review: What happened this week in volatility?

• Much ado about nothing?
• Vol higher, but range is another story
• Why does VIX sometimes understate volatility?
• Why aren't people using weeklies strategically?
• Russell channels Columbo
• Volume and OI low as nothing looming on the economic calendar
• What will the Fed to, and when?
• Headlines versus revisions
• RUT = growth; SPX = value?
• Why hasn't OVX dropped given the underlying?

Crystal Ball: Where will the VIX close on Friday? Russell: 14.75. Memorial day is coming, that means an extra headwind is coming our way. Mark S.:Below 14 at 12:30 central time, but 15 at 3:00 pm central time. People taking things easy, with a big vol dump on the 25th and 26th.