Despite there being only one day left to trade March VIX futures and options, there was a lot of activity on Friday in the March options. In fact Friday was the second busiest volume day ever in the VIX option arena with over 1.8 million contracts changing hands. Only February 3, 2014 was a busier day. March 15 through 25 strike call options were pretty heavily traded with bullish spreads and long call trades coming in throughout the day. There may have been some short covering, but there was a feeling that there was some short term protection against the stock market coming under pressure on Monday after the election in Crimea is done. Again, keep in mind that due to Good Friday falling on a third Friday in April we have March VIX settlement on the open Tuesday (instead of Wednesday). That means a call bought on Friday is targeting a ‘volatility event’ only on Monday of this week.