The CBOE Volatility Index finished last week just off the lows of Friday's session but still above 18.
The VIX fell 1.97, or 9.8 percent, to close at 18.11. The S&P 500 had climbed all day and peaked just before closinhghitting its high just before the close and finishing up at 1335.02, up 9.50 points.
The July futures fell 1.55 points, or 6.64 percent, to close at 21.80. The August futures were down 0.90 points, or 3.64 percent, to finish trading at 23.85.
Interestingly the iPath S&P 500 VIX Short-Term Futures ETN (VXX), which comprises those two nearest-month futures, was down 7.8 percent.
The VIX options traded just 216,000 options, with calls outpacing puts by 2 to 1. In a very unusual occurrence, the VXX options outraded the VIX contracts, turning over 340,000 times with 204,000 puts.
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