The notorious Nov'20 VIX futures, the Trump re-election contract that has been eyed for over a year, has last trade date is tomorrow (Nov VIX options as well). 

With Georgia Senate race kicked back until Jan, VIX term structure realigns accordingly-  election implied vol is not gone as Nov expiring futures roll to Dec as well as Jan.

Aggressive front end Nov VIX selling continues to take place- something I've been flagging as the unconditional post-election premium grab.

Of particular insanity are Nov VIX 24 Calls being shorted. Not "sold" - new short positions opened to collect premium ahead of expiry. Nov VIX 24 strike calls were trading at $12 into election they're now headed towards single digit cents on >10k in new short open interest. 

This is what's been supporting SPX post election. Again- block out all noise/news, just look at market mechanics. Once the front end Nov contract selling disappears, we may very well see Dec VIX (the new front month) start to "normalize" to reflect abnormal times = VIX up, SPX down after Wed. 

I've reopened Long Jan VIX call spreads as Georgia Senate heats up, intending to sell by year end. 
 

This below becomes Jan'21 - Dec'20 spread as Nov disappears.

DEC20 - NOV20 VIX SPREAD (top) vs SPX (bottom)