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.
Video: Big call selling in volatility index
February 9, 2016
With the market "all over the map today," Group One's Jamie Tyrrell says traders are selling the VIX February 28 calls and the March 30/40 call spread.
Video: Call buyers chase spike in VIX
February 8, 2016
Group One's Jamie Tyrrell says traders are buying February calls in the VIX amid today's market drop, targing the 25 to 29 levels.
Video: Near-term VIX calls purchased
February 5, 2016
Group One's Jamie Tyrrell says volatility traders had been looking farther out but are now picking up February 28 calls.
Videocast: Huge VIX call spread sold
February 4, 2016
As the market continues to churn, Group One's Jamie Tyrrell says today's big trade is the sale of a VIX March 30/40 call spread 115,000 times.
Videocast: Big March call spread in VIX
February 3, 2016
As the market pulled back this morning, Group One's Jamie Tyrrell says a major player bought a March 30/40 call spread 150,000 times.