VIX below 17 as stocks extend streak
Chris McKhann | email@example.com
More gains in the major equity indexes yesterday made for the market's best three-day run in 2013.
The S&P 500 was up just shy of 10 points, or 0.62 percent, to close at 1613.20. Earlier in the session it peaked at 1620, the 20-day moving average, but found resistance there and pulled back. It has further resistance at 1652 and support at 1560.
The Nasdaq 100 was up 13 points, or 0.45 percent, to 2906.84. It has resistance at 3000 and support at 2825.
The Russell 2000 gained 16 points, or 1.67 percent, to finish at 979.92 as it led the other indexes in percentage gains. It resistance at 1000 and support at 943.
The CBOE Volatility Index continued its slide, giving up 0.35 points, or 2 percent, to finish at 16.86. The VIX touched 16.34 in the morning and vacillated from there. It remains at a discount to actual volatility in the S&P 500.
The VIX futures fell more than the spot volatility index. The July VIX futures shed 0.65 points to finish at 18.20, and the August contracts gave up 0.55 points to close at 19.05. This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 4 percent to $20.81.
Videocast: More VIX call selling
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Videocast: Selling VIX April calls
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With volatility down from last week's spike higher, Group One's Jamie Tyrrell says traders are selling April calls that had been purchased in large volume.
Videocast: VIX call wave subsides
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Group One's Jamie Tyrrell says 250,000 VIX April 20 calls were purchased in the previous two sessions, but that big player appears to be on the sidelines with today's market rally.
Videocast: Big April VIX call buying
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Videocast: VIX not showing panic
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