This has never happened before: The Volatility Index, VIX, has risen +1.36 points over 5 consecutive days. Over the same time period, the S&P 500 has gained +1.09%, also advancing for 5 days straight. Since the creation of the VIX in 1990, both measures have never recorded such a streak, according to Goldman Sachs. The closest were 4-day streaks of the VIX rising alongside the S&P 500 in 1995 and 1996. This comes as total call option volume has surpassed 40 million contracts a day on average over the last 20 trading sessions for the first time. Why is volatility rising with equity prices like never before?(The Kobeissi Letter)