Volatility Spiking As Markets Ponder EU Break-Up

The VIX volatility index made a double-digit move higher mid-day on Wednesday, as markets continue to ponder the prospects of an EU breakup. Yesterday the markets moved higher after a poll showed that the pro-austerity party could win elections in Greece. Today those hopes were dashed, as a new poll showed the anti-austerity party was in the lead.

The VIX has been trading above the physiologically important level of 20 since mid-May, and now looks poised to retest 25 at some point, if not today then later this week.

iPath S&P 500 VIX Short-Term Futures ETN (NYSE: VXX), the ETF which tracks VIX futures, is also making a strong move higher today - up 5.2 percent.

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