The S&P 500 was slightly higher last week and so was VIX, but we put an asterisk next to that number based on the three-day holiday weekend. The futures tell more of the story and as you can see below as with the exception of the February 2017 contract all the futures moved lower.

VIX Curve Table

Friday morning the stock market was weak and VIX was higher in reaction to the employment numbers. With VIX at 13.93 and the Jun VIX futures contract at 15.10 someone came in and bought 2500 of the VIX Jun 15th 16 Puts for 1.40. If held to expiration this is a bet that June VIX settlement will be well below 14.60. By the end of the day on Friday this trade was looking pretty smart as VIX finished the week at 13.47 and the June standard futures contract settled at 14.725 which resulted in the bid side for the VIX Jun 15th 16 Puts to close at 1.55 for a small unrealized profit.