After cash open, S&P Futures (ES) went on a massive stop hunt to rip up from 1675.25 to 1682.25 (7 handle rip) taking SPX briefly positive. All the while VIX remained in the green, holding the 13.25 area. Currently ES is -3.3 handles at 1680.50 after almost going positive. Total volume is small, with 613k minis trading, of which over 250k came from globex. We still have the Kansas City Fed Manufacturing report at 11am.
VIX is up .68% at 13.26 with a session high at 13.54. VIX Futures are off their highs, with August just below 15. Light Volume in the VIX so far. Heaviest volume we have seen is again in the October contracts, where we are seeing action as far out as Call 70! Heavy volume in October Call 22’s with volume of 16,000. October Call 70’s saw 2 block orders of 5,000 @.02 and 5,0000 at .03.
ES
ES 5-Day
ES/HYG/TLT/FOREX/GLD
VIX
VIX Futures
FOREX
USDJPY 99.7510
EURUSD 1.3226
