Big VIX Call Buys Today As VIX Breaks For First Time in 10 Sessions

Someone bought a bunch of calls that expire Wednesday morning on the open in the VIX  as well as a few 1 x 2 spreads at that expiry. But the big trade of the day thus far is the January 17 calls against the January 23 calls 1 x 2 .

Spread traded by 29,000 by 58,000 contracts. That’s 2.9M shares of VIX long from $17 to $23. Prices were $3.23 x $1.57 net debit was thus a mere $.09.
Spread controls upside to $23 in the VIX and makes money up to $29 on a slow climb higher in VIX. In other words, higher vol for longer.
Probably both an election play and since its January options they are trading, also a December FOMC play.
Will higher for longer VIX play out? We will have part of that answer Wednesday.
vixjan1723callspread