Stocks close lower despite late rally
Chris McKhann | [email protected]
Equity indexes came off well their lows but still finished down yesterday, as did the CBOE Volatility Index.
The S&P 500 fell 9.04 points to close at 1631.38. It spent the first hour or so in positive territory, then traded as low as 1623.62. It climbed into the close, regaining much of its lost territory. It has support at 1623 and resistance at 1670.
The Nasdaq 100 lost 17.09 points to end the session at 2973.69. It followed the same pattern as the SDX, but the NDX's close was its lowest since May 9. It has support at 2950 and resistance at 3027.
The Russell 2000 gave up 8.56 points to finish at 981.97. It has support at 973 and resistance at 1000.
The VIX slipped 0.01 points to close at 16.27. The volatility index opened the day by breaking below 16, then climbed back above 17 before falling in the last couple of hours.
The VIX futures, however, kept their gains. The June contracts were up 0.10 points to 16.10, and the July futures rose 0.05 points to 17.05. This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) up 1.2 percent to $19.34.
Videocast: Traders buying VIX puts
April 17, 2015
Even with stocks down sharply today, Group One's Jamie Tyrrell says traders are buying in-the-money VIX May 16 puts apparently in the believe that volatility will pull back.
Videocast: VIX call buyer returns
April 16, 2015
A day after the April settlement, Group One's Jamie Tyrrell says a big player is back buying the VIX May 19 and 23 calls.
Videocast: April VIX settles at 13.81
April 15, 2015
The April VIX contracts settled at 13.81 this morning, but Group One's Jamie Tyrrell says traders are now buying the May 19 and 23 calls.
Videocast: VIX on eve of expiration
April 14, 2015
On the day before the April expiration, Group One's Jamie Tyrrell says traders are focusing on the VIX 14 puts and 15 calls.
Videocast: Huge VIX June trade
April 13, 2015
Group One's Jamie Tyrrell breaks down the strategy behind a three-way cash spread in June contracts that traded 650,000 times.