CBOE VIX
The VIX closed the regular session at 27.24, up nearly 7% for the week.
- Monday, March 9: The index rose to 29.49, a 24% jump, as oil prices spiked following military escalations in the Iranian conflict.
- Mid-Week: Volatility remained elevated, with the VIX holding above 24.00 throughout Tuesday and Wednesday.
- Friday, March 13: The index opened at 27.85 and reached a daily high of 28.47 before closing for the week slightly lower.
- Market Status: The VIX futures curve entered backwardation, where near-term contracts were priced higher than longer-dated ones—a rare indicator of extreme market stress.
CBOE 9-Day Volatility Index (VIX9D)
The VIX9D closed up strongly, closing the week at 24.44, reflecting a 23% increase over the prior five trading days.
- Short-Term Sensitivity: the VIX9D reacted more sharply following the threat of a blockade in the Strait of Hormuz.
- Comparison: The strong 5-day percentage gain of the VIX9D, in comparison to the standard VIX, suggests that investors are increasingly concerned with near-term market volatility.
