After a strong rally in U.S. equities, big speculators bet on continuation of this rally:
source: Simple Digressions and COT Report
Most recently speculators started to increase their net short positions in VIX futures (currently they are net short of 34,248 contracts - the green arrow).
As a rule, VIX, also called the fear index, goes down when equities prices go up, and vice versa. Because speculators are increasing their net short positions in VIX contracts, they think that VIX is going to fall, which means that they bet on equities prices to rise.
However, most recently such behavior has been an indication of something opposite - equities prices were falling when speculators were holding net short positions.
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