Quoted:
The cboe has a pretty good spike up today. If my understanding is correct this means another bad day for the market based on futures. Is this correct?
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Does this description from
Wikipedia help you?
VIX is a volatility index derived from S&P 500 options for the 30 days following the measurement date, with the price of each option representing the market's expectation of 30-day forward-looking volatility. The resulting VIX index formulation provides a measure of expected market volatility on which expectations of further stock market volatility in the near future might be based.
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To answer your question, not really. Futures on stocks (equity) are highly correlated to the equity price and vice versa.
VIX is related to the options, and options have implied volatility. Volatility does not mean the stocks are going to down; volatility is change - either up or down or both.
Also, when futures on stocks start trading on Sunday, that IS the market, not a predictor of the market.
Professional trading shops like Ronin Capital have gone out of business trading the VIX. You shouldn't try to trade it unless you know exactly why you want to and what your trading objectives and stop-loss and profit-exit strategies are.