VIX gave volatility bulls a little hope on Monday rising to the highest intra-day level since VIX was receding from the news flow that followed the firing of Comey by Donald Trump in the middle of May. However, as is the norm, VIX dropped and worked lower with the curve following in suit.
As Monday was the only day of real strength for VIX and the June VIX futures. One trader took advantage of that by selling an out of the money call spread. Late Monday as VIX was near 11.65 and the June VIX futures were at 12.05 a trader sold the VIX Jun 15 Calls at 0.32 and then purchased the VIX Jun 18 Calls for 0.19 taking in a credit of 0.13. As long as standard June VIX settlement on the open next Wednesday is below 15.00 this trade will realize the maximum gain equal to the credit.