I woke up this morning to find two posts on volatility from fellow East Coast bloggers who have some excellent insights on the subject.
Rob Hanna at Quantifiable Edges has a post up in which he looks at short-term volatility cycles. In What Happens After a Sharp Contraction in Volatility, Rob reviews three day periods of extremely low realized volatility and concludes that three day cycles of extremely low volatility are typically followed by three subsequent days of dramatically increasing volatility, in classic mean reversion fashion.
Adam Warner at Daily Options Report covers several volatility-related issues in Other VIX Gappage, where he discusses gaps in the VIX and his preference for using VXX over VIX to better gauge volatility trends on Fridays.
Both bloggers make superb points about volatility and both are on my daily required reading list for their consistent high quality work across a wide variety of subjects.