The CBOE Volatility Index and its VIX futures slipped to their session lows just before the close yesterday.
The VIX finished the day down 1.81 points, or 9.4 percent, to 17.53. The volatility index hit a low of 17.07 just after the bell, as its contracts trade until 4:15 p.m. ET.
This came as the S&P 500 climbed above 1363 and then slipped a couple of points to close at 1360.02, up 22.13 points on the session. The two indexes usually move inversely.
The August VIX futures were down even more than the spot VIX, losing 2 points, or 9.5 percent, to close at 19.10. The September futures lost 1.55 points to close at 20.90.
The VIX option volume was light as 188,000 contracts traded, 116,000 of which were calls. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) saw 151,000 options change hands, with calls outpacing puts by 2 to 1. The VVIX Index, which measures the implied volatility of the VIX options, fell 7.5 percent to 98.59.
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