The CBOE Volatility Index tumbled as the market surged on Friday.
The VIX fell 1.93 points, or 11 percent, to finish the week at 15.64. The index closed lower on only one other occasion since March, on July 19.
The VIX futures also fell sharply. The August futures were down 1.55 points, or 8.3 percent, to close at 17.15. The September futures shed 1.3 points to 19.40.
More than 580,000 VIX options traded, led by 302,000 calls. The S&P 500 Index options traded 569,000 contracts, with 316,000 puts.
Despite the fact that the VIX has fallen, actual volatility has picked up, as the 10 day historical volatility for the SPX has moved up 2 points from a week ago.
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