MOVE vs VIX Divergence — Rates Shock, Equity Vol Sleep

The late-September narrative is blunt: MOVE (rates vol) elevated while VIX ~15. Equity index options are not pricing a panic, even if fixed income is restless.

Why crush desks care

Rates shocks can still bleed into financials and growth multiples, but they do not automatically lift Micron or Carnival event IV. Those options prices reflect their own calendars. If you sell earnings premium solely because "VIX is low," you are mixing regimes.

Use MOVE as a risk overlay (correlation, discount rates), and score each earnings IV rank on its own history.

Not financial advice. Verify claims independently.