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VIX declines as equities close higher

Chris McKhann (chris.mckhann@optionmonster.com)

The CBOE Volatility Index slipped again as equities closed higher at the end of a seesaw session yesterday.

The S&P 500 rose less than 1 point to 1652.62. It bounced between positive and negative throughout the day. Resistance is at 1669, while support is at 1619 and then 1573.

The Nasdaq 100 had the best day of the lot, picking up 15 points, or 0.55 percent, to finish at 3000.66. It gained steadily all day and finished close to the best levels of the session. It has resistance at 3053 and support at 2850.

The Russell 2000 gained just over 2 points to 1020.42, yet another new closing high. It has support at 989.

The VIX was down 0.14 points to 14.21. It was climbed to 14.62 in the morning and then fell to 14.06 at the S&P 500's high. The two indexes typically move inversely.

The VIX futures followed lower, with the July contracts down 0.25 points to 14.85. The August futures gave up 0.30 points to finish at 16.35. This had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 1 percent to $17.66, a new closing low.

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