VIX hit a high of 23.44 today and was recently up .11 to 22.31. The settlement for VIX Jan 2012 options is 23.64. The expiration might have influenced the index in morning action because there hasn’t been much actualized volatility in the equity market lately. The S&P 500 is up five points and the grind higher continues. The S&P 500 has not seen a daily move in excess of .9 percent since Jan 3, when it kicked off the New Year with a 1.5 percent rally. The average daily moves in the S&P so far in 2012 is only 5.5 points and the 30-day historical volatility has fallen to only 15.2 percent, or less than half of the 120 day; which is 31.1 percent. The rise in the VIX over the past few days in the face of falling actual volatility seems rather odd, but some investors seem to expect the trend to continue. Early options trades include a 19000-lot of VIX Jun 35 calls bought on the index for $2.65 per contract. A Feb 30 – 35 call “stupid” spread was bought 6800X. $1.775 was paid to buy both the 30s and 35s. 89,000 calls and 6,850 puts traded in the VIX pit in the first 45 min.