Implied Volatility Spikes

Implied volatility on the S&P 500 is soaring today ahead of a summit in Europe later this week. Investor George Soros said the summit may prove to be a disaster if it fails to create the protections needed in the event of a Greek exit from the eurozone. Spain's ability to finance its debt is an increasing concern to investors in the U.S. and abroad. Additionally, the prospect of slowing growth in China and other emerging market economies is also adding to fears.

The VIX is trading back above 20 and the VIX ETF (NYSE: VXX) is higher by 9 percent in early trading on Monday.

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