Market News

May 16, 2013  Thu 12:45 AM CT

Equities posted more gains yesterday, while the CBOE Volatility Index again climbed along with stocks.

The S&P 500 was up 8.44 points to 1658.78, another record closing high, after peaking at 1661.49 in midday trading. Support is at 1597.

The Nasdaq 100 gained 6.58 points to 3002.62. Despite the gains, it was unable to break above Tuesday's intraday high. Support is at 2898.

The Russell 2000 gained 2.58 points to 988.54. That too is a new record close, and it posted a new intraday high of 991.55 as well. Support is at 948.

The VIX was also higher, bucking its usually inverse relationship with the S&P 500, rising 0.04 points to 12.81. That was just a tick above the day's lows, as it was in positive territory all day. The volatility index peaked at 13.43 at the same time the SPX hit its high. It is at a substantial premium to the actual volatility, as the 10-day historical volatility for the SPX is down to 7.2 percent and the 20-day reading is 8.9 percent.

The VIX futures posted gains as well. The May futures were up 0.15 points to 13.70, while the June futures gained 0.10 points to close at 15.15. This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) up 0.82 percent to $18.35.
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