Well, the bulls finally cheer this year, as SPX finally closes green for the first time this year. SPX is up 11 at 1837.88. S&P Futures (ES) at cash close are up 9.75 handles at 1830.50 with 1.14MM minis traded. Today’s action was quite simply very slow, mixed with low volume. We got a massive pop in the futures at the start of the cash open, and from there we moved higher and stalled. High of the day came in at 1834.75. It was yet another day of a YEN carry-trade moving the markets. Bonds also rallied today, taking the yield on the 10Y to 2.937%.
VIX was smashed lower all day, making a low right at the cash open, being slammed to a low of 12.16. VIX settled down -4.65% at 12.92. Europe’s VIX was also slammed today, dropping -5.36% to 17.19. VIX Futures were also pushed down significantly, with the January future at 13.64. Total VIX contracts traded today is 606K.