Someone Forget To Tell The VIX-Slamming Machines That The Market Is Shut

As American investors sit back in their chairs, watching parades, sipping Budweiser elegantly, and generally having a good day off… there are some ‘people’ that are working hard to ensure the status quo is sustained. In order to maintain the illusion of exuberance and lack of concern, we are used to the ubiquitous melt-up in stocks late on a Friday afternoon (always driven by an ‘odd’ collapse in VIX). Of course, no human would be silly enough to do that on a day when European stocks tumbled on banking contagion concerns and the fact that stock markets around the world are now totally closed… so – we ask in all incredulity – WTF is going with VIX futures…

The July VIX Futures – which do not mature for another 10 days – have collapsed…