CBOE Volatility Index (.VIX) is down 1.23 to 30.31 and falling to session lows. VIX came under pressure around 10:00 eastern time after latest Philadelphia Fed Survey showed unexpected improvement, to -2.2 in June from -22.6 the month before. Econoimsts were looking for -17. Separately, the list of leading economic indicators, was also better than expected–increasing by 1.2 percent in May, compared to expectations for a 1 percent increase (Link to story.)

VIX is falling and, after hitting a high of 32.77 yesterday, is once again revisiting the 30 “psyche” level. In addition, the volatility index might remain subdued heading into the weekend. Although the Quadruple Witch expiration might affect the index, much of this week’s “event risk” has passed. No economic data or earnings are due Friday. Meanwhile, trading is mixed for a second day, with the Dow up 68 points and the NASDAQ down 2.7. Mixed trading results in lower volatility. In fact, the 20-day historical volatility of the S&P 500 is now only 22 percent. Since VIX gauges the expected volatility of the S&P 500, it isn’t suprising to see it sitting near 30 percent.