On the diagram the Dec future does appear to be low compared to the Nov and Jan.For example (today, June 6 2013)Nov-13 19.40Dec-13 19.55Jan-14 20.35The midpoint between Nov and Jan is 19.875, so the Dec appears to be "too low" by 0.325HOWEVER, this is a stable recurring pattern in the marketplace that is probably not exploitable.Go to the vixcentral.com Historical Prices tab and display the curve for June 6, 2012 exactly one year ago. You will see the same "anomaly" with Dec 2013 depressed compared to Nov and Jan. An the June 6, 2011 the same thing (though perhaps a little less). Try June 7, 2010.Experienced traders say the Dec Vix is always low. It is due to different trading days in different months and perhaps different rate of information arrival.
Last edited by acastaldo
on June 6th, 2013, 10:00 pm, edited 1 time in total.