SKEW Spiked on 3/12 on a huge 1 day move, the next day the market was strong and SKEW fell (I assume hedges were taken off), today it's seen another huge spike. According to the CBOE's white paper on SKEW, past tops it has called generally came within an average of about 4 days after a spike, which indicate to me that SKEW in the past did fall after the initial spike if 4 days passed from the spike.
In any case, I'm not making any predictions based on SKEW, but I thought you should know about this recent change.
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