The CBOE Volatility Index (.VIX) is drifting, down .51 to 17.63, and not far from session lows (17.56), as trading thins out and players head home to enjoy the summer weekend. For the week, the volatility index is up .3 points and its lack of movement reflects anticipations for uneventful trading during the summer doldrums. Indeed, volatility has already seen a noticable decline. Today, for example, the S&P 500 Index (.SPX) has traded in a very narrow 6-point range. The 20-day statistical volatility of the index is falling below 15 percent and its lows of the year. Trading in other markets is quiet as well. Crude oil settled up 76 cents to $127.38. Gold finished up $10.00. The benchmark ten-year rose 7/32nd, bringing its yield back down to 4.05 percent. The buck was little changed on both the yen (105.47) and the euro (1.555).