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March 27, 2013  Wed 12:10 AM CT

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Equity indexes were back to the highs yesterday, driving the VIX and its futures lower.

S&P 500 rose 12 points to close at 1563.77, less than two points off the all time closing high. It continues to have resistance at that 1565 level from 2007, while is now 1538.

The Nasdaq 100 advanced 17 points to 2806.5, but is still unable to get out of the recent range. The resistance at 2817 holds and support is still at 2760.

The Russell 2000 also failed to make new highs. It was up 4 points to 949.82, within yesterdays range, but more importantly more than three points below the closing high from March 14. It has resistance at that high of 954 and support at 930.

The VIX fell 0.97, or 7 percent, to 12.77. Part of that decline may result from time decay being priced in before the coming three-day weekend. It rose off the day's low into the close and finished above the morning lows as well, even as the SPX rallied.

VIX futures followed to the downside. April contracts lost 0.35 to close out trading at 14.20. The May futures declned 0.25 to finish the day at 15.55. This had the VXX down 2.66 percent to 20.13, another new all time closing low.

The action was apparently dominated by selling as the VVIX, the volatility index of those VIX options, dropped 4.2 percent to 85.14.

Total options volume was light with less than 11.9 million. Just over 503,000 VIX options traded, with 386,000 calls.
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