Equities rally again, led by small caps
Chris McKhann | [email protected]
Equity indexes rallied again ahead of the Federal Reserve's announcement today as the CBOE Volatility Index slipped modestly.
The S&P 500 gained 12.77 points, or 0.78 percent, to close at 1651.81. It was a few points off the session high, which came about an hour before the close. Resistance is now at 1670 and support at 1609, though those levels may not mean much come tomorrow afternoon.
The Nasdaq 100 advanced 24.83 points, or 0.84 percent, to finish at 2996.09. Resistance is at 3028 and support at 2925.
The Russell 2000 racked up 12.14 points, or 1.23 percent, to finish at 999.99. The small-cap index posted the biggest percentage gain among its peers. Resistance is now at 1008 and support at 968.
The VIX was down 0.19 points, or 1.13 percent, to finish at 16.61. The volatility index came off the day's lows about an hour before the close and was positive just below 17 in the early afternoon.
The VIX futures were lower all day. The June contracts, which settle tomorrow morning, lost 0.20 points to close at 16.75. The July futures ended the day at 17.65, down 0.15 points. That had the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 1.47 percent to $20.08.
Videocast: Big selling in VIX calls
May 6, 2015
Even as the market falls for the second day in a row, Group One's Jamie Tyrrell says a big player sold 30,000 May 18 calls.
Video: Muted activity in VIX calls
May 5, 2015
Even with the May futures rising above 15, Group One's Jamie Tyrrell says there has been surprisingly little interest in buying VIX calls.
Video: Traders target VIX 14 level
May 4, 2015
The volatility index is positive despite gains in the S&P 500, bucking their usual inverse relationship, and Group One's Jamie Tyrrell says traders continue to target the VIX 14 level.
Videocast: May VIX call buys return
May 1, 2015
With VIX futures falling as the market rebounds today, Group One's Jamie Tyrrell says 38,000 VIX May 18 calls were purchased today.
Videocast: VIX traders turn to June
April 30, 2015
Group One's Jamie Tyrrell says volatility traders are targeting June VIX contracts today as the recent heavy May call buying has apparently subsided.