Wednesday’s Volatility Playbook

If you follow the Vix you might have noticed the fear index shot higher Wednesday morning before stocks began their steep decline.

How should you play it?

Find out from Jim Iurio of TJM. Watch the video now!

*Go about one minute in to see Iurio's comments.

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Trader disclosure: On July 27, 2011, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Seymour owns (APPL); Seymour owns (BAC); Adami Owns (AGU); Adami Owns (C); Adami Owns (GS); Adami Owns (INTC); Adami Owns (MSFT); Adami Owns (NUE); Adami Owns (BTU) ; Cortes owns U.S. Treasuries; Cortes is short (LVS); Cortes is short (LULU); Cortes is short (IYT); Cortes is short the Euro; Cortes is short Copper; Cortes is short Corn; Stutland Owns (GOOG) and short (GOOG) calls; Stutland owns Australian foreign debt; Stutland is short (V) puts and owns (V) calls; Stutland is short (GLD) puts, long (GLD) call spread, and owns the (GLD); Stutland owns (TLT), is short (TLT) calls, and short (TLT) puts; Stutland owns U.S. Treasuries; Iuorio is long (TLT)

For Karen Finerman
Finerman's Firm And Finerman Own (AAPL)
Finerman's Firm And Finerman Own (CLW)
Finerman's Firm And Finerman Own (CVS)
Finerman's Firm owns (BAC) leaps and Finerman Owns (BAC)
Finerman's Firm owns (JPM) leaps and Finerman Owns (JPM)
Finerman's Firm Is Short (IWM)
Finerman's Firm Is Short (MDY)
Finerman's Firm Is Short (SPY)
Finerman's Firm Is Long S&P 500 Puts
Finerman's Firm Is Long Russell 2000 Puts

For Brian Kelly
Accounts Managed By Brian Kelly Capital Own (TLT) calls
Accounts Managed By Brian Kelly Capital Own (GLD) calls
Accounts Managed By Brian Kelly Capital Own (GDXJ) calls
Accounts Managed By Brian Kelly Capital Own (JJC) calls
Accounts Managed By Brian Kelly Capital Own (XLI) puts
Accounts Managed By Brian Kelly Capital Own (SLV) calls
Accounts Managed By Brian Kelly Capital Own (VIX) calls
Accounts Managed By Brian Kelly Capital Own Australian Dollar
Accounts Managed By Brian Kelly Capital Own New Zealand Dollar

For Brian Stutland
Stutland's Firm Is A Market Maker Holding Positions In VIX Futures And Options, SPX options and futures, SPY options, and VXX Stock And Options

Jeff Killburg
**no disclosures

For Anthony Scaramucci
SkyBridge Capital Is A Fund Of Funds Manager
Funds Held May Or May Not Own The Recommended Securities
Scaramucci Is One Of 8 National Finance Chairs For Mitt Romney Campaign
Scaramucci held a fundraiser for Mitt Romney

Richard Bove
**no disclosures

CNBC.com with wires.