Major equity indexes hit new highs
Chris McKhann | firstname.lastname@example.org
Equities advanced again yesterday as all three major indexes climbed to landmark highs, but the CBOE Volatility Index was down only slightly.
The S&P 500 was up 22.40 points to 1675.02, a new closing high. It finished just off the day's highs, which came just before the closing bell. It now has support at 1620 and then 1573.
The Nasdaq 100 was up 58.79 points to 3059.45. While that isn't an all-time high, it is the best since November 2000. It has support at 2950.
The Russell 2000 jumped to another new all-time high of its own, gaining 12.75 points to close at 1033.17. The small-cap index is up 9.5 percent from the low of three weeks ago. It has support at 986.
The VIX slipped 0.20 points, or 1.4 percent, to 14.01. It was down at 13.57 with about 90 minutes left in the session but then had an odd and sharp rebound.
The VIX futures followed suit, ending down but off the lows of the day. The July futures lost 0.35 points to close at 14.50, while the August contracts fell 0.30 points to finish trading at 16.05.
This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) was down 2.7 percent to yet another new low of $17.18. It has lost 26 percent in the last three weeks.
Video: Whipsaw moves in the VIX
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Group One's Mike Palmer explains why the volatililty index saw broad swings right before and after the weekend. Traders are now focused on today's close.
Videocast: Volatility in September?
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Group One's Jamie Tyrrell says traders are buying next month's calls on the volatility index, bracing against a pullback in the S&P 500.
Videocast: VIX draws September buyers
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Group One's Jamie Tyrrell says large electronic buy programs are snapping up crash protection in the volatility index.
Videocast: VIX premiums down before expiry
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Group One's Jamie Tyrrell says premium is getting sucked out of on volatility index calls on their last full day of trading.
Videocast: The VIX at crossroads
August 7, 2015
The volatility index has seen broad swings with the market today, and Group One's Jamie Tyrrell says traders think that the VIX can go either way from here.