The VXST – VIX – VXV – VXMT week over week curve change only has one noticeable move. VXST was up nicely last week, but we are going to attribute the whole move to the 3 day weekend effect and say the curve was basically unchanged.
The long volatility funds drifted down and short volatility ruled the week with SVXY rising 2% and relative newcomer VMIN gaining 2.2% last week. Worth noting below is VVIX which remains above 80.00 despite VIX closing for the second week in a row below 10.00. As a second thought VIX below 10.00 may be creating a buying opportunity in VIX calls which is keeping VVIX over 80.00.
Finally, looking beyond VIX, we do find some pockets of higher implied volatility in the market last week. With the UK election on the horizon $BPVIX rose nicely last week. Also, I guess as an early indication of the next round of earnings announcements coming in mid to late July individual stock volatility rose.