VIX higher as equities post losses
Chris McKhann | firstname.lastname@example.org
Equity indexes closed yesterday with modest losses ahead of today's Federal Reserve announcement, while the CBOE Volatility Index ticked slightly higher.
The S&P 500 was down 5.54 points to close at 1781 even. That was the middle of the day's range as it hit 1777 in the late morning. It has resistance at 1813 and support at 1750.
The Nasdaq 100 was off 6.47 points to 3469.31. The NDX continues to hold above its 20-day moving average. It has resistance at 3524 and support at 3400.
The Russell 2000 was down 0.96 points to 1118.89. It has resistance at 1147 and support at 1080.
The VIX was up 0.18 points, or 1.12 percent, to 16.21. The volatility index was down at 15.81 with about 2 hours left of trade but then climbed into the bell.
The December VIX futures finished at 16.20 ahead of its settlement this morning, and the January futures closed at 15.55. That left the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 0.42 percent to $47.25.
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.