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VIX Catches VXN
Old 08-01-2007, 09:51 AM   #1
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VIX Catches VXN

Volatility is going nuts since the market came off last week. Especially odd to me is that the measure of S&P volatility, VIX, is more of less equal to NAZ volatility. It has often been no more than half. Also, a look at percentage off 52 week highs shows tech holding up very well compared to finance, consumer product, etc.

My puts are still well out of the money, but have going up mightily-enough to make a good cushion for equity losses.

There must be a lot of hedging going on in preference to selling, because really the market isn't off all that much.

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Old 08-01-2007, 10:03 AM   #2
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Getting danged expensive to buy calls in the midst of the wreckage, I can tell you that much. Even sold some puts the other day, which I don't normally do. The premium on the puts was so ridiculously fat I actually felt compensated for the risk.
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Old 08-01-2007, 11:25 AM   #3
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