THE WEEK OF APRIL2ND-APRIL6TH
Let's first define backwardation and contango. Backwardation occurs when prices decline the further out on the settlement dates. That is certainly occurring with the VIX spot and the April and May futures. The June through September futures are basically flat. Contango occurs when prices increase the further out the settlement dates are. Backwardation has a downward sloping graph and contango has an upward sloping graph. The VIX futures have been in contango the overwhelming majority of time over the past two years. Volatility has a way of changing things.
There are no big items on this week's economic calendar until the unemployment number that comes out this Friday morning at 8:30 ET. Don't count on a sleepy week, however.