The CBOE Volatility Index fell to its lowest close since March 26 yesterday.
The VIX declined throughout the session and slumped at the end of the day to finish at 15.32, down 0.67 points, or 4.2 percent. The S&P 500, meanwhile, settled just above 1402 at its highest close since May 2. The two indexes usually move inversely.
The VIX futures were down even more than the spot volatility index. The August and September contracts dropped both dropped 0.85 points, to 16.80 and 18.85 respectively.
The VIX options traded 230,000 contracts in light volume, with calls outpacing puts by more than 3 to 1. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) saw just over 131,000 options change hands, with just slightly more calls than puts.
The VVIX Index, which measures the implied volatility of the VIX options, is right around its all-time lows at 85.
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