Today the VXST options and futures that expire next Wednesday the 28th become the near term expiration series. The May 21st VXST contracts settled on the open this morning at 11.01. With the drop in the spot VXST to below 11.00 closing at 10.47 along with the May 28th VXST future closing at 12.20 there was some interest in slightly out of the money calls generated. Traders may be picking up some short term tail risk protection or speculating on a quick drop in the S&P 500 over the next few days as 700 of the VXST May 28th 13 Calls traded at 0.50 and 800 of the VXST May 15 Calls changed hands today at 0.20. It just a few days we’ll know how the trade worked out, but it appears someone is prepared for a short term volatility spike in the next few days.