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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: mishedlo who wrote (43451)	10/14/2005 1:48:49 AM
From: Win-Lose-Draw	Read Replies (1) \| Respond to of 110194

VIX never measures current volatility, it is always a current estimation of future volatility. At expiry the VIX forward contract is looking ahead 30 days because it is (more or less) converging with VIX, which is always looking 30 days ahead.

To: mishedlo who wrote (43451)	10/14/2005 3:37:43 PM
From: FiveFour	Respond to of 110194

The VIX Future Contract is the expectation of what the VIX index will be on the Wednesday opening bell before the third Friday in the expiration month. So, the Oct contract is the expectation of what the VIX index will be at the opening bell on Wed, Oct 19. The Nov contract is the expectation of what the VIX index will be at the opening bell on Wed, Nov 16. The VIX index is based on the 30 day real time implied volatility that is priced into options on SPX. Hope that helps.