VIX was higher by about 10% last week, but that did not have much of an impact on the rest of the term structure.  The futures were mixed which can be attributed to just how steep the VIX curve was going into the week. 

VIX TS Table

Before things turned to the upside on Friday we experienced the lowest level for VIX since 1993.  The table below ranks the lowest inter-day lows for VIX since 1990.  Note Friday ranks 6th and 4 of the 10 on the list occurred this year. 

A couple of bullish VIX trades hit the pit right around the market close on Friday.  First, there was a seller of a June put spread that is looking for VIX to achieve 11.00 and remain above that level (if held to expiration).  Specifically there was a seller of 1000 of the VIX Jun 21st 11 Puts at 0.35 who purchased the VIX Jun 21st 10 Puts for 0.08 and a net credit of 0.27.  The risk to this trade involved VIX back down in the single digits which would result in a loss of 0.73. 

VIX PO1 06092017

The other trade is probably more dynamic and was initiated at no cost.  A trader purchased 3000 VIX Jun 21st 14 Calls at 0.36 and then sold 4500 of the VIX Jun 21st 17 Calls for 0.18.  Two results show up on the diagram below.  The curved line is with 3 trading days to expiration and the other shows expiration, which is only 7 trading days and an overnight away.

VIX PO2 06092017

Note that a move for VIX or more specifically the Jun VIX futures to the 13 to 19 range results in a profit for this trade.  Since VIX tends to spike and regress pretty quickly any move to this range would prompt many traders to try to take partial of full profits.