The CBOE Volatility Index fell yesterday even as the S&P 500 closed near its session lows. The VIX and the SPX usually move inversely.
The VIX finished at 21.72, down 0.44, or 1.99 percent on the day. It was just above 22 heading into the bell, but that was well below the morning highs.
The June VIX futures fell 1.5 percent to 23.05, down 0.35 points, while the July futures were declined 0.20 points to 25.30. The October through December futures all finished around the 28 level.
The VIX options had another big day with volume of more than 622,000 contracts, led by 375,000 calls. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) saw 225,000 options trade, 120,000 of which were calls.
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