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VIX falls as stocks hit record highs

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes ran to new highs after the Fed announcement yesterday, while the CBOE Volatility Index tumbled.
The S&P 500 gained 20.76 points to close at 1725.52, a new all-time closing high. It hit an intraday high of 1729.33 about an hour before the bell. It has support at 1680.

The Nasdaq 100 gained 40.48 points to close at 3231.31, another new 13-year high and just a couple of points off the day's peak. It has support at 3150.

The Russell 2000 gained 10.58 points to 1076.97 after climbing to 1080.49 intraday. Both were new record highs. It has support at 1040.

(When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns, so I will refrain from listing them.)

The VIX was down 0.94 points, or 6.47, percent to 13.59. It hit a low of 13.23 after the announcement as it fell even while actual volatility picked up, as the 20-day historical volatility is back above 10 percent.

The VIX futures followed lower after the September contracts settled at the open at 14.77. The October futures finished trading at 14.70, down 0.75 points, while the November contracts lost 0.40 points to close at 15.90.

That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 3.74 percent to $13.65, another new record low.

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