While all eyes are on the front-end of the VIX term structure, today's volatility term structure in the out-dates is now higher than they were at the close on Monday at "peak crisis." VXX - the VIX ETF - is still surging, as the massive short position continues to get squeezed amid the ongoing backwardation in VIX... 6th day of short squeeze in a row... It sems picking up pennies in front of the steam roller does have consequences... And VIX is now higher than in it was during Monday's crisis in the out-months... This is the longest period of sustained bakcwardation since 2011... and The skew (cost of downside tail risk vs 'normal' risk) is extreme... Chart: BBG Finally, a 1 year time series of the implied vol surface: h/t @noalpha_allbeta