Volume in the Volatility Market Absolutely Exploded During Tuesday's Rout
- Trading in VXX totaled 110 million shares on Tuesday
- First time ever it’s more popular than Bank of America stock
UBS's Julian Emanuel Sees More Downside for S&P 500
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Two investor obsessions, volatility and exchange-traded notes, are being taken to increasingly extreme lengths in the U.S. stock market.
For the first time on record, the iPath S&P 500 VIX Short-Term Futures ETN recorded more volume on Tuesday than any company in the S&P 500 Index, with a record 110 million shares changing hands. The closest was Bank of America Corp., with 89.3 million shares trading. The note fell 0.5 percent Wednesday, trimming a rout that topped 5 percent as the S&P 500 Index erased gains.