Wall Street's fear gauge is ripping. Traders see it going even higher
- The sell-off in AI-related stocks pushed the Cboe Volatility Index (VIX) above 22 for the first time in four months.
- Investors bought November VIX calls in several large trades, including 9,200 of the November 18, 20-strike calls for $1.7 million and 12,500 of the November 18, 23-strike calls for $1.1 million.
- The market faces a key test next week when Tesla, SpaceX and Meta report earnings.