The week over week VXST – VIX – VXV – VXMT curve moved higher and appears to have done so in a very parallel fashion.  Since the week over week change doesn’t do the actual activity justice so I added the Wednesday closing curve to the graphic below. 

VXST VIX VXV VXMT 5192017

I was honestly a little surprised at how little the S&P 500 dropped on a week over week basis and double checked the number.  I made a joking prediction Thursday morning that we would retrace the Trump Dump from Wednesday with in a week, that prediction is one good day early next week from being correct.  The long volatility ETPs did well and the short funds gave up some of the ground gained this year, but still hold a solid lead as the next chart will show. 

VXX Table 519

VXX and UVXY got nice bumps in the middle of the week and SVXY got hit.  All fund changed course on Thursday and Friday, but not enough to result in a losing week for the long funds. 

VXX SVXY UVXY 519

The Brazilian equity market came under pressure last week and the result was a huge move in VXEWZ.  Also, currency volatility was much higher across the board.

Vol Indexes 0519