SOXS just printed a 96.5% spike with the VIX at 18.90. That has never happened.

Direxion Daily Semiconductor Bear 3X Shares (SOXS) traded up to $62.32 in pre-market this morning. Measured off the $31.70 all-time low it set on June 30, that is a 96.5% spike, and it is the seventh one in the fund's history.

The six before it are what make this one worth flagging. Not one of them happened with the VIX below 28. This morning the VIX is 18.90.

Seven Times in Sixteen Years

SOXS started trading in March 2010. Counting this morning, it has cleared 96.5% above an all-time low on seven occasions. That works out to roughly one every 587 trading days. Before today the most recent was April 3, 2025, which was 317 trading days ago.

Look at where the VIX was on each of them. Across the six it averaged 45.50. The lowest was 28.38, in August 2015, and the highest was 76.83, in March 2020. Sorted into the usual buckets, with this morning included:

• Under 20: 1 event, this morning
• 20 to 25: 0 events
• 25 to 30: 1 event
• 30 to 40: 3 events
• Above 40: 2 events

The Complete Record

Every SOXS session that first reached 96.5% above an all-time low, the VIX on that day, and how many trading days passed before SOXS printed a fresh all-time low. This morning's row is the one with no answer in the last column yet.

Date	VIX at spike	Days to next ATL
Jul 28, 2026	18.90	Open
Apr 3, 2025	30.02	24d
Aug 5, 2024	65.73	115d
Jan 28, 2022	32.82	201d
Mar 12, 2020	76.83	10d
Aug 21, 2015	28.38	142d
Aug 5, 2011	39.25	107d

Why This One Has No Precedent

SOXS is a 3x inverse fund tied to the semiconductor index. A 96.5% rise means the underlying index fell hard and fell fast. Damage of that scale has historically appeared only when the broader market was already under stress, with the VIX either elevated beforehand or rising sharply through the move. That element is missing this time.