The most unique quality about the current VIX term structure is the December 2013 contract. This could be an arbitrage opportunity for calendar spreaders with the assumption that contango resumes.

I like to buy charts like the weekly VIX chart below. There is not much room for the VIX to go down further and I am expecting a sharp pullback to the upside once big news hits the screen.

David Cornes holds a degree in economics from the University of Montana.