Volatility rebounds as equities slip
Chris McKhann | firstname.lastname@example.org
Equity indexes lost a bit of ground yesterday, ending their recent winning streak and driving the CBOE Volatility Index higher.
The S&P 500 was down 6.24 points to 1676.26. It dipped below 1672 at midday and then bounced around from there. The index's intraday high of 1687 may continue to be resistance, while support is at 1629.
The Nasdaq 100 fell just over 2 points to 3077.46, right in the middle of the day's range. It has resistance at 3170 and support at 3000.
The Russell 2000 lost 4.55 points to finish up at 1038.75. It has resistance at 1085 and support at 1018.
The VIX added 0.63 points, or 4.57 percent, to close at 14.42. Its session high of 14.56 came about 30 minutes before the bell.
The VIX futures followed suit. July futures, which settle this morning, rose 0.20 points to finish at 14.25. The August VIX futures gained 0.45 points to close at 16.20. This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) up 2.59 percent to $17.41.
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Videocast: No panic in the VIX pits
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Group One's Jamie Tyrrell says today's volatility is relatively muted even after the morning downturn, though traders are buying August and October call spreads.