NDX leads market gains; VIX rises too
Chris McKhann | email@example.com
The equity indexes were higher along with the CBOE Volatility Index and the VIX futures yesterday.
The S&P 500 was up 4.66 points to close just below 1414. That was the high of the day for the index, which got as low as 1406 in the morning. Support is at 1390 and resistance at 1420.
The Nasdaq 100 again had the biggest move--this time to the upside, as opposed to Wednesday's drop--gaining 18.41 points, or 0.7 percent, to finish at 2656.30. The NDX had dipped to 2624 in the morning. Support and resistance are still at 2600 and 2700.
The Russell 2000 finished higher by 1.19 points to 821.79. Support and resistance are at 810 and 830.
The VIX finished the session up 0.12 points to 16.58, in the middle of a relatively tight session range. The spot index reading remains above the December VIX futures, which gained 0.30 points to 16.40. The January futures were up 0.25 points to 17.60.
More than 578,000 SPX options changed hands yesterday, with a put/call of almost 2 to 1. The VIX options turned over 264,000 times, led by 156,000 calls. The VVIX Index, which measures the implied volatility of the VIX options, was up 1.4 percent on the day to 84.15, still not far off last week's lows.
Videocast: Huge call spread in VIX
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Group One's Jamie Tyrrell says a major player bought the VIX August 16/18 call spread 300,000 times yesterday and sold August 12.50 puts to help finance the trade.
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The volatility index is little-changed even with the market lower today, but Group One's Jamie Tyrrell says one September three-way strategy is looking for a spike higher.
Video: VIX drop lures call buyers
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With the spot volatility index slipping below 12 today, Group One's Jamie Tyrrell says traders are buying the VIX August 12 calls while premiums are relatively low.
Videocast: VIX put selling pays off
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The VIX is little-changed today, and Group One's Jamie Tyrrell explains how recent put selling has paid off for volatilty traders.
Video: Case study in VIX pullback
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Group One's Jamie Tyrrell says the volatility index's move down in the last week illustrates just how quicly the VIX can fall as well as rise.