Equities break six-day win streak
Chris McKhann | firstname.lastname@example.org
Equity indexes broke a six-session winning streak yesterday with the Nasdaq leading the way lower, but the CBOE Volatility Index was up only fractionally.
The S&P 500 slipped 4.16 points, or 0.22 percent, to 1875.39. It only gave back a bit of Friday's gains and is still near all-time highs from the start of the month. The SPX has resistance at 1890 and support at 1840.
The Nasdaq 100 dropped 31.77 points, or 0.89 percent, to 3557.04. The NDX did give back all of Friday's gains and is now back near its 20-day moving average. Resistance is at 3600 and support at 3450.
The Russell 2000 fell 8.53 points, or 0.74 percent, to 1147.08. It too pushed back to its 20-day moving average. The small-cap index has resistance at 1160 and support at 1100.
The VIX was up 0.08 points, or 0.61 percent, to 13.27. That was the low of the day, as it was up at 13.75 in the first hour of trade. The nine-day CBOE Short-Term Volatility Index (VXST) was up 0.16 points, or 1.28 percent, to 12.67.
The VIX futures were mixed, with the May contracts flat at 15.25 and the June futures off 0.05 points to 15.80. Even with that the iPath S&P 500 VIX Short-Term Futures Note (VXX) was up fractionally to $41 even.
Videocast: Rolling VIX protection
March 5, 2015
Group One's Jamie Tyrrell says the big volatility trade of the day is selling April VIX contracts to buy protection in May and June.
Videocast: VIX traders look to June
March 4, 2015
Group One's Jamie Tyrrell says near-term VIX call buying has declined as traders are move to contracts in later months.
Videocast: Near-term pop in VIX?
March 3, 2015
Group One's Jamie Tyrrell says today's action in the VIX pits indicates that traders are positioning for volatility to rise in the near term.
Videocast: Traders see floor in VIX
March 2, 2015
Group One's Jamie Tyrrell says traders are selling March VIX puts, apparently believing that further downside potential in the volatility index is limited.
Videocast: VIX 'cash spread' hedge
February 27, 2015
Group One's Mike Palmer explains the strategy behind a VIX "cash spread" as traders cover positions going into the weekend.