Various Market Notes

The S&P 500 oscillated around 1510 today closing just barely in the green (again) to drive historical volatility back down a bit. It wouldn't be surprising to see VIX dip back in to the 12s with more days like this.

VIX futures roll over next Wednesday as February (current front month) VIX futures expire. There is currently a 5% premium of front month futures over spot VIX.  This premium tends to approach zero as we get closer to expiration day, providing a headwind for VXX (a concept I previously outlined here).

Tomorrow a fragile Apple (AAPL) issues its dividend of $2.65, which will be deducted from its share price. It will be interesting to see if buyers step in to hold the price up.

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