The S&P 500 capped off the short week with a nose dive on Friday which pushed VIX to 16.30. The number 16.30 is not such a big deal, but relative to June futures this price is turning some heads. The June VIX futures closed at 16.05 so VIX is at a slight premium to the front month future. I personally like to see VIX higher than the front month and the front month higher than the second month to declare Backwardation, but you will probably hear some people mention this over the weekend. I think it may be too early to get excited about VIX at a 0.25 premium to June futures.
I always like to compare VIX and VXN and was surprised to see VIX at a premium to VXN as of the close on Friday. This is a rarity and happens a little more often with the indexes than the futures. Despite VIX being at a premium to VXN, the futures are closer to their historical norm with June VXN at a 0.30 premium to June VIX.