VIX gave up a little over 12% while the futures were lower, but not nearly to the extent that spot VIX lost value. We are back to contango in the blink of an eye.
VIX options and futures trade until 3:15 Chicago time each day. Late Friday, after the official stock market closing time of 3:00, someone came in and did a pretty interesting trade in VIX. The trade involved a purchase of 3,000 VIX Sep 21st 20 Calls at 0.19 each and then sold 10,000 VIX Sep 21st 23 Calls[...]