When the market fell in February the VIX spiked above 50, there was heavy Inverse ETF volume and my version of the Rydex Ratio fell from 27.5 to 10.4. The sell-off over the last two weeks has not prompted anything like that kind of fear. See charts. Not sure that reliable lows come in when investors are that relaxed. Maybe a re-test down the line.
SPY and VIX 26th March
