Volatility Breakout?

VIX very comfortably above 15 today. Some months ago I blogged that reversion to the mean could surprise many who were thinking we'd gravitate back to the good old days of sub-11 VIX after the late Feb dislocation. It never happened. Monthly charts of the VIX show long term averages are far above present levels. While the players who played VIX call strikes above 13 in May left the party empty handed, those seeming long shot bets at the June 15s don't look so wild eyed any more. I'm keeping an eye on the VIX in part for the daily gyrations, but also to see if we're moving into a longer term breakout phase.