The CBOE Volatility Index was higher even as the S&P 500 rallied, bucking their usual inverse relationship.
The VIX was up 0.31 points, or 1.98 percent, to finish at 15.95. The S&P 500 was in a very tight range for most of the day until slipping before the close, paring its gains to just 3.24 points for a final print of 1394.23.
The VIX futures were all lower, as the August contracts fell 0.30 points, or 1.75 percent, to 16.90. The September and October futures both lost 0.45 points to close at 18.95 and 21 respectively.
Those moves pushed the iPath S&P 500 VIX Short Term Futures Fund (VXX) to yet another all-time low as fell 2.5 percent to close at $11.86.
The VIX options saw huge volume of 794,000 contracts, led by 504,000 calls. The S&P 500 Index options traded 446,000 contracts, with 270,000 puts. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) saw more than 226,000 options change hands, as 125,000 puts outpaced calls.
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