VXST (and all the other volatility indexes based on SPX option prices) made an all-time low on Friday. A bit of this can be attributed to it being a Friday, but considering that he previous record low was on the Friday before the Memorial Day three day weekend that cannot be considered the whole story.
We are entering the summer season that more often than not has been a source of low market volatility. Considering that 2014 stock market action already has exhibiting pretty low volatility it may just be that the market is anticipating things to get quieter. However, not all traders seem to feel that way. In VXST option trading there is solid open interest for the June 11th 12.50 Calls, 13.50 Calls, and 20.00 Calls. The following week’s expiration (June 18th) shows some activity focused on the 17.00 Calls.