The CBOE Volatility Index ended last week with its lowest close since May 2.
The VIX finished at 17.08, plunging 13.34 percent, or 2.63 on Friday. It had spent most of the day above 18 before falling in the afternoon and plummeting into the bell, moving inversely to the surging S&P 500.
The July VIX futures followed the spot volatility index lower, finishing the week at 19.50 after giving up gave up 1.85 points on Friday. The August VIX futures lost 1.40 points to close at 21.90 as the contango steepened.
The VIX options traded 388,000 contracts, led by 207,000 calls. Amazingly, options in the iPath S&P 500 VIX Short-Term Futures ETN (VXX) outpaced the VIX itself, despite the latter's strong volume. The VXX saw 394,000 options change hands, as puts turned over 223,000 times to outpace the calls.
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