The VIX gained some headline recognition finishing the week up 16% at 16.30. A drop in the S&P 500, especially the late afternoon swoon of Friday pushed VIX over driving age. The holders of the long oriented VIX ETPs saw gains, but a fraction of the rise in VIX for the week. Front month VIX futures were up between 3 and 4%. This can be attributed to the VIX futures already pricing in a small rebound that usually occurs in VIX following a three day weekend. Another factor regarding the futures market was that the shape of the curve is still basically in Contango. The most important part of the curve for VXX holders is the front two months and their relationship. Despite a VIX rally this week, June futures stayed at a discount to July and even finished the week at a discount to VIX as well.
Note that VVIX rose only slightly on the week despite the big move for VIX. This can be attributed to more balanced buying and selling of June and July options late this week. Some of the big demand for VIX options appeared out in September and October options which do not have an impact on VVIX. VVIX went out at 84.87, up slighly on the week, but early on Friday VVIX was actually under 80.00.