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发表于 2010-8-20 12:51 PM
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Volatility Points To A Near-Term Market Bottom (VIX, VXX, SPY)
Michael J. Zerinskas
Posted on 08/20/10 at 1:46pm by Michael J. Zerinskas
With the overall market lower on the session today, currently the S&P 500 (NYSE: SPY) is lower by 8 points, trading at $1,067, it is interesting to note that the CBOE volatility Index (CBOE: VIX) is lower on the session as well. Currently, it is registering 26.23.
Though the weekly trend for the VIX is to sell off slightly on Friday and rise slightly on Monday, due to market-makers repositioning their volatility expectations into and out of the weekend, you should be aware that the front month future is flat to lower as well. The futures do not trade in the above manner and are the ‘real’ way to track volatility expectations. The September future is currently trading at $29.80, lower by $0.10.
The October and November VIX futures are also flat on the session, currently trading at $32.20 and $32.25, respectively.
The muted expectations for increased volatility over the short-term in also reflected in the iPath S&P 500 VIX Short-Term Futures ETN (NYSE: VXX), which is lower on the session by 0.52%, trading at $23.08.
Coupled with the market testing and holding the $1,065 twice today; it appears that Bulls want to take the market higher. |
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