Volatility index down as equities gain
Chris McKhann | firstname.lastname@example.org
Equity indexes were higher yesterday but off the best levels of the morning. The CBOE Volatility Index and its futures were lower.
The S&P 500 was up 12.31 points at the end of the day, closing at 1639.04. It broke above 1646 in the morning, then slumped to 1630 an hour before the close. Resistance is at 1660 and support at 1608.
The Nasdaq 100 was up 27.40 points to 2971.26. The index was as high as 2988 and above its 20-day moving average in the morning, but not for long. Resistance is at 3024 and support at 2926.
The Russell 2000 gained 6.46 points to 987.84. It traded up to--then retreated from--resistance at 990. The next level of resistance is at 1000, while support is at 968.
The VIX was down 0.35 points, or 2.04 percent to 16.80. The volatility index was as high as 17.63 an hour before the close.
The VIX futures were lower all day. The June contracts, which have only one day left to trade, finished yesterday down 0.60 points to 16.95. The July futures were down 0.50 points to 17.80. This pushed the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 2 percent to 20.38.
Video: Huge June VIX call buy
May 22, 2015
Group One's Jamie Tyrrell says one large player purchased 140,000 July 18 calls in the VIX, adding to heavy upside buying earlier in the week.
Video: Heavy June VIX call action
May 21, 2015
A day after the May VIX contracts settled at 12.80, Group One's Jamie Tyrrell says 250,000 June calls changed hands.
Video: VIX June 17-18 call action
May 20, 2015
Following this morning's May contract settlement, Group One's Dominic Savino says traders are now targeting the VIX June 17 and 18 calls.
Video: VIX going into expiration
May 19, 2015
Group One's Jamie Tyrrell says traders are expecting a quiet May settlement tomorrow morning but are active in the June contracts.
Video: Low premium in May VIX
May 18, 2015
Group One's Jamie Tyrrell says VIX options are showing little premium levels ahead of the May settlement on Wednesday morning.