As I've detailed over the last month, market volatility appeared suppressed due to all the liquidity thrown at the problems:
Volatility is finally picking up and I want NO part of it. So today, I closed out most of my long volatility positions (with the exception of those tied to commodities and Treasuries... I think we're going one way or the other here) and happy to sit on cash until dislocations become wider or markets calm down a bit. We seem to be are treading in awfully familiar territory, which brings to mind a great Operation Ivy song.
Here We Go Again