The CBOE Volatility Index collapsed into yesterday's close but remained positive on the session as the S&P 500 rallied strongly off the lows.
The VIX ended the day up 1.34 percent at 19.71, just off its session low, after climbing above 21. The volatility index is inversely correlated to the SPX.
The VIX futures, on the other hand, were all lower. The July and August contracts were down 0.40 points to 21.30 and 23.25 respectively. The rest of the VIX futures were down by lesser amounts.
More than 277,000 VIX options traded, 241,000 of which were calls. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) saw 189,000 contracts change hands, with 117,000 calls.
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