An exchange traded note following CBOE Volatility Index futures crept higher Tuesday while stocks and commodities tumbled on Alcoa’s disappointing quarter and Japan’s nuclear debacle.
The iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX) was up more than 1% in afternoon trade Tuesday as the Dow slipped over 100 points and crude oil was down more than 3%.
The VIX itself added about 6%. Exchange traded products track VIX futures rather than the spot price.
The $1.5 billion iPath S&P 500 VIX Short-Term Futures ETN entered the session with a loss of more than 20% year to date.
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