The CBOE Volatility Index popped at the close yesterday to finish barely in positive territory, but the VIX futures were all down.
The VIX ended the session at 18.96, up 0.03 points. It was at the low of the day at 18.20 about an hour before the close after seeing levels above 19 in the morning and then very briefly right after the Fed announcement.
The S&P 500 was up going into that announcement and volatile after. It fell below 1374, climbed above 1381, and then finished the day down exactly 4 points to 1375.32. The SPX and the volatility index usually move inversely.
The VIX futures were all lower, with August contracts down 0.25 points, or 1.26 percent, to 19.65 after dipping to 19.20 with 30 minutes left in the session. September futures fell 0.40 points, or 1.85 percent, to 21.25.
The VIX option volume was just 199,000 contracts, with 103,000 puts. That is surprising for a day when the stock market was down, when calls typically outpace puts by an average of 2 to 1.
The iPath S&P 500 VIX Short-Term Futures ETN (VXX) had light option volume at only 108,000, with 59,000 calls.
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