I noted yesterday that "there is a good probability that [the VIX] will retrace some of those gains tomorrow but by no means does it have to, and a spike today does not rule out the possibility of another spike tomorrow." After today's action I think the same thing can be said for Friday's outlook as well. Staying in cash until we get through this choppiness can be a great decision.
VIX has closed above front month futures for 4 days in a row now so risk remains elevated. Forecast for 4/19: