VIX falls again as stocks march higher
Chris McKhann | firstname.lastname@example.org
Equity indexes jumped again yesterday despite a mid-session dip on a false terrorism report, sending the CBOE Volatility Index and its futures lower once more.
The S&P 500 gained 16.28 points, or 1.04 percent, to close at 1578.78 just off its midday high. Earlier the SPX gave up all the day's gains on the fake news report of explosions at the White House. Resistance remains at its all-time highs around 1597 reached two weeks ago, while support is at 1540.
The Nasdaq 100 gained 25.30 points, or 0.9 percent, to 2835.37. It is also back near the levels of two weeks ago, with resistance at 2864 and support at 2743
The Russell 2000 was up 14.56 points, or 1.59, percent to 929.36. Resistance is at 946 and support at 900.
The VIX was down 0.91 points, or 6.32 percent, to 13.48. The May VIX futures lost 0.70 points to close at 14.60, while the June futures were down 0.65 points to 15.45.
Video: What VIX pits are seeing
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Traders were buying VIX calls above the 40 level early in the session, but Group One's Mike Palmer says that activity quickly pulled back.
Video: Whipsaw moves in the VIX
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Group One's Mike Palmer explains why the volatililty index saw broad swings right before and after the weekend. Traders are now focused on today's close.
Videocast: Volatility in September?
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Group One's Jamie Tyrrell says traders are buying next month's calls on the volatility index, bracing against a pullback in the S&P 500.
Videocast: VIX draws September buyers
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Group One's Jamie Tyrrell says large electronic buy programs are snapping up crash protection in the volatility index.
Videocast: VIX premiums down before expiry
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Group One's Jamie Tyrrell says premium is getting sucked out of on volatility index calls on their last full day of trading.