Huge VIX Trader ‘Elephant’ Takes Profits on Volatility Rally
VIX Tumbles After Hitting Two-Year High
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The VIX “Elephant” appears to have returned to the market one day after the Cboe Volatility Index’s historic rally to lock in a portion of gains from last week’s trading.
The trader, whose nickname was bestowed by Macro Risk Advisors’ Pravit Chintawongvanich, has been notable in recent months for large trades. The patterns on Friday contributed substantially to activity on a day that the Cboe exchange later said set volume records. The bets have usually been in line to book profits if implied equity volatility rises moderately.