The CBOE Volatility Index collapsed back near its session low yesterday after odd action into the close.
The VIX was finished at 18.83, down 1.25 points, or 6.23 percent. More than half of the drop came after 4 p.m. ET when the index was at 19.55.
The S&P 500 began the day near its session highs and fell all afternoon, hitting a low of 1355 before quickly regaining a few points into the close to settle at 1357.99. The SPX and the VIX usually move inversely.
The VIX futures followed the volatility index lower. The May futures were down 1.15 points, or 5.6 percent, to 19.35. The June contracts were off 1.05 points, or 4.8 percent, to 20.80.
The VIX options traded 304,00 contracts, with calls slightly outpacing puts. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) saw more than 108,000 options trade, split almost exactly evenly between calls and puts.
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