VIX is low. That could be the end of the blog, but there is more to it than just saying VIX is low. Please note I didn’t say ‘too low’ since there is no such thing. If the VIX tourists know that with the S&P 500 continuing to defy all skeptics and pushing higher VIX is toying with putting up a sub 10 price that would result in a blog in this space discussing what happened after VIX closed below 10 back in the day (2007).
The July VIX future at 12.90 is more startling to me than VIX closing at 10.61 on Wednesday of finishing the week at 10.85. Selling a VIX future that has 16 trading days remaining until settlement under 13.00 is kind of a scary prospect, regardless of where the spot index is being quoted.
Finally, I almost forgot to mention the big event come Sunday night (no not Soccer) VIX futures will begin trading at 5:00 for the launch of trading almost 24 hours a day. If it is past 5:00 Chicago on Sunday you can go to cfe.cboe.com and see what VIX futures are doing in their first session to match up with Asian market hours.