The CBOE Volatility Index is up even as the S&P 500 gains, which is unusual because the two indexes typically move inversely.
The VIX was down earlier with the strong market rally, which boosted the SPX almost to 1335. But now that the S&P has pulled back 11 points from that peak level, the VIX is up more than 2 percent to 22.22 after hitting an intraday high 22.29.
Much of the rise in the VIX could have been anticipated as SPX options are repriced after the long weekend. (The volatility index is based on those options.)
The VIX futures, on the other hand, are all lower. The June and July futures are both down 0.45 to 24.10 and 25.65 respectively. VIX option volume is relatively light at 158,000 contracts.
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