Active trading in the options market as VIX tanks on Quad Witch Friday
Active trading in the options market as VIX tanks on Quad Witch Friday. The S&P 500 opened modestly higher and the rally gathered steam in morning action after Fox News reported that Marco Rubio is a "yes" on the latest tax bill. VIX came under fire and is down 1.09 after touching an intraday low of 9.33. The "fear gauge" is back within striking distance of early-November multi-year closing low of 9.19, as investors seem to be discounting final approval of the tax bill and also pricing in the prospect of low market volatility during the seasonally slow holiday period in the second half of December. VIX option volume is light at 288K contracts. Yet total volume across all products is active at 5.4M calls and 4.5M puts. Projected volume for the day is 20M contracts.