VIX (VXX) Lower, U.S. Yields Higher

S&P 500 VIX (NYSE: VXX) which tracks the implied volatility of the S&P 500 is moving lower today. The VIX index is down 11 percent intra-day to 18.79 and VXX is down to 17.06.

The move down in the VIX signals that there is some fear coming out of the market after elections in Greece showed that most citizens favor remaining in the EU. The move in the VIX is supported by U.S. 10-year treasures yields, which are slightly higher today, and is another sign of fear coming out of the market.

Markets in Europe, on the other hand are still showing a fair amount of panic, as yields on both Italian and Spanish debt moved higher today, while German yields – the regional safe-haven - moved lower.

Markets, however, were only slightly positive heading into the close on Monday, which taken together with the VIX move, could signal that markets are taking a breather.

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