Futures Archives - CBOE Blogs

  • Market News | VIX | Futures | Aug 31, 2016, 4:21 PM

    Sept. 22 Webinar - Institutional Investors and Case Studies on Use of the VIX

    Sept. 22 Webinar - Institutional Investors and Case Studies on Use of the VIX

    On Thursday, September 22 at 2:00 p.m. E.T., S&P Dow Jones Indices and CBOE will co-host a complimentary webinar for financial professionals on the topic of -- How are Institutional Investors Using the VIX®?  Financial professionals who wish to register and see more information are welcome to visit this link -- http://bit.ly/VIX-Sep22. Featured institutional investor speakers will be: (1) John Burkhartzmeyer, State of Wisconsin Investment Board (SWIB); (2) Scott Maidel, CFA, CAIA,[...]

  • Technical Analysis & Charts | VIX | Futures | Aug 29, 2016, 11:26 AM

    BigTrends.com Weekly Market Outlook - August 29, 2016

    BigTrends.com Weekly Market Outlook - August 29, 2016

    Unable to resist the weight of its 9% gain since its late-June low, the S&P 500 (SPX) (SPY) finally started to buckle last week. The index only lost 0.68% for the five-day span, but that was the worst weekly performance since June, and could end up serving as the profit-taking excuse some traders have been waiting for. We'll look at the matter in more detail after a closer look at last week's and this week's economic numbers. They matter more than usual now, with the prospect of rising interest[...]

  • Technical Analysis & Charts | VIX | Futures | Aug 22, 2016, 1:28 PM

    BigTrends.com Weekly Market Outlook - Tug Of War Continues

    BigTrends.com Weekly Market Outlook - Tug Of War Continues

    For the second week in a row, stocks were content to simply drift sideways.... the result of opposing factors simultaneously weighing on investors' mind. From one direction stocks are being buoyed by low interest rates that could linger for a while, while from the other direction the market's high valuations may be keeping a lid on things. The bulls are technically winning the war, but it's a marginal victory and the tide could turn quite easily. We'll weigh the odds in a moment. Let's[...]

  • Market News | Futures | Strategy | Aug 17, 2016, 1:14 PM

    Successful Launch for New SPX Monday-Expiring Weeklys Options

    Successful Launch for New SPX Monday-Expiring Weeklys Options

    On August 15 CBOE launched trading of the new S&P 500® Index (SPX) Monday-expiring Weeklys options. Daily trading volume for the new SPX Monday Weeklys in the first two days was 4,334 on August 15, and 10,829 on August 16. Institutional investors have told me that the SPX Monday Weeklys could have potential to be very helpful to them in managing their over-the-weekend risk. SPX Weeklys are one of CBOE’s fastest-growing products, with volume in 2015 setting a 10th consecutive annual[...]

  • VIX | Futures | Strategy | Aug 15, 2016, 10:12 AM

    BigTrends.com Weekly Market Outlook - On The Fence Amid Presidential Cycle

    BigTrends.com Weekly Market Outlook - On The Fence Amid Presidential Cycle

    Though the market finished on a bullish foot two Friday's ago, that tone didn't help stocks one iota last week. When all was said and done, the S&P 500 (SPX) (SPY) pretty much ended last week where it started it, and still on the fence as it's been for the better part of the past several weeks. Just for the record though, the uptrend is still the bulls' to lose. The bears just haven't been able to land any real damaging blows. We'll examine the market's odds and undertow below, after running[...]

  • Technical Analysis & Charts | VIX | Futures | Jul 25, 2016, 9:38 AM

    Weekly Market Outlook - Where We Stand As Fed Approaches & Earnings Seasons Is Underway

    Weekly Market Outlook - Where We Stand As Fed Approaches & Earnings Seasons Is Underway

    Despite starting last week out overbought and near all-time highs, the bulls decided by the end of the week they were still buying more.  Friday's close of 2175.03 was not only 0.6% higher than the prior week's close, it was a record high close for the S&P 500 (SPX) (SPY). No, it's not a giant gain, but it's an impressive one all things considered - however there are plenty of opportunities for profit-taking right now. The $64,000 question: Can the current rally last?[...]

  • Technical Analysis & Charts | VIX | Futures | Strategy | Jul 11, 2016, 10:30 AM

    Weekly Market Outlook - Valuation Concerns as New All-Time Highs Approach

    Weekly Market Outlook - Valuation Concerns as New All-Time Highs Approach

    Following through on the surprising post-Brexit bounce from two weeks ago, the S&P 500 (SPX) (SPY) gained 1.3% last week, closing at 2129.90. Though that wasn't the highest close ever for the index (nor did it reach a new intraday high), that was the highest weekly close ever for the S&P 500. And, we're within easy reach of the pinnacle of 2134.72 hit in May of last year. This is a do-or-die moment for the market. If it's to muster any more upside, it's going to have to plow into new-high[...]

  • Technical Analysis & Charts | VIX | Futures | Strategy | Jul 5, 2016, 9:40 AM

    BigTrends.com Weekly Market Outlook - Will The Post-Brexit Rally Continue?

    BigTrends.com Weekly Market Outlook - Will The Post-Brexit Rally Continue?

    Despite the horrific start on Monday, the bulls were decidedly in charge over the course of the last four days of last week, setting up a weekly gain of 5.1% for the S&P 500 (SPX) (SPY). The index is almost back to where it was before the Brexit vote shocked the world... for better or worse. To that end, it's interesting (though not entirely surprising) that the rally started to slow on Friday. Perhaps it was just a small wave of profit-taking in front of a long weekend. Or, perhaps the market[...]

  • Market News | VIX | Trader Talk | Futures | Strategy | Trade Ideas | Jul 3, 2016, 9:20 AM

    Weekend Review - VIX Futures and Options - 6/27 - 7/1

    Weekend Review - VIX Futures and Options - 6/27 - 7/1

    The curve below is what happens when you have the biggest week over week drop for VIX on record. The 42% loss in VIX shattered the previous largest drop of 36.53% which occurred in the last week of 2012. Not so coincidentally both were weeks before a three-day weekend. Late Monday, with the July VIX Futures at 23.70 and spot VIX at 23.85 someone came in taking a long position in the VIX Jul 20th 22 Puts paying 2.75. The payoff at July settlement appears below, but by the end of the week[...]

  • Market News | VIX | Trader Talk | Futures | Strategy | Jun 30, 2016, 6:04 PM

    First Half of 2016 Confirms a Higher Volatility Regime

    First Half of 2016 Confirms a Higher Volatility Regime

    We are already half way done with 2016 and it appears what we thought going into the year is being confirmed by SPX implied volatility. If the Fall of 2015 there was lots of chatter about the equity markets in the US shifting from a low to a high volatility regime. The low volatility regime had been in place for several years and the first signal of a change came back in late August 2015 when VIX topped 50 intraday for the first time since the great financial crisis. I have two favorite charts[...]

  • Technical Analysis & Charts | VIX | Futures | Jun 27, 2016, 12:34 PM

    Weekly Market Outlook - Where Things Stand After Brexit

    Weekly Market Outlook - Where Things Stand After Brexit

    Through Thursday, not only was the market's action palatable, it was downright bullish. Investors were increasingly confident the Brexit wouldn't happen. Big mistake. When traders realized the "leave" crowd just edged out the "remain" crowd, it pulled the rug out from underneath the bullishness. When all was said and done, Friday's 3.6% plunge from the S&P 500 (SPX) (SPY) translated into a loss of 1.6% for the week. Now what? Good question. Perhaps the one-day drubbing[...]

  • Market News | VIX | Trader Talk | Futures | Trade Ideas | Jun 26, 2016, 2:41 PM

    Weekend Review - VIX Options and Futures - 6/20 - 6/24

    Weekend Review - VIX Options and Futures - 6/20 - 6/24

    On Thursday the world appeared to have dodged a bullet, but much like counting your chickens before the hatch, the market reacted a little too quickly and early to the assumed outcome of the EU referendum in Britain. The result was Friday which does not need to be rehashed here. The week over week changes for VIX and the standard monthly VIX futures appear below. Things we look more dramatic if I’d use the Thursday to Friday changes to construct the chart. Periodically I’ll[...]

  • Market News | VIX | Trader Talk | Futures | Trade Ideas | Jun 25, 2016, 1:12 PM

    Weekend Review - Volatility Indexes and ETPs - 6/20 - 6/24

    Weekend Review - Volatility Indexes and ETPs - 6/20 - 6/24

    Global stocks took it on the chin Friday after the outcome for the vote in Britain determined that the majority of voters want to break from the European Union. Usually I show the week over week change for VXST, VIX, VXV, and VXMT to lead off this blog. Because the week over week change doesn’t tell the full story I included the closing prices from Thursday as well. The lowest line on the chart shows the closing levels for each of these S&P 500 oriented volatility indexes the day before[...]

  • VIX | Futures | Jun 24, 2016, 11:57 AM

    Skew Charts Show Higher Implied Volatility for O-T-M Puts on SPX, RUT, EFA and FXB

    Skew Charts Show Higher Implied Volatility for O-T-M Puts on SPX, RUT, EFA and FXB

    After the results of the Brexit referendum were announced , the values of several volatility indexes at CBOE shot up, indicating that overall implied volatility had increased for many securities worldwide. A key issue for some cautious investors who want to hedge is – what are the implied volatilities for various out-of-the-money (O-T-M) put options that can be used to hedge my portfolio?   Below are Livevol skew charts for four key securities – SPX, RUT, EFA, and FXB –[...]

  • VIX | Futures | Jun 24, 2016, 11:48 AM

    VIX Futures Set Overnight Volume Record

    VIX Futures Set Overnight Volume Record

    The CBOE Futures Exchange, LLC (CFE®) today announced record volume was set in VIX Futures traded in non-U.S. trading hours with an estimated 235,000 contracts changing hands. Today’s record surpasses the previous single-day record of 140,811 contracts set during the overnight session on August 24, 2015. With the addition of today’s trading data, monthly volume in VIX Futures in non-U.S. trading hours also set a record, with June volume traded in the overnight session totaling an[...]