Running With The Bulls: Inside NDX's Rare 15.7% Monthly Surge And The Volatility Story Behind It
2026-05-20·via All Articles on Seeking Alpha
Summary
The Nasdaq-100 Index (NDX) ended April with a 15.7% monthly gain. It was the largest monthly move (either direction) in more than a decade.
Into the second week of May, NDX has tacked on another 4.5% in upside. From the late March lows (23,100) to the early May highs (29,300) the benchmark index jumped ~27%.
When the Nasdaq-100 Index declines, it’s typical to see NDX put volatility increase relative to calls. In short, skew steepens during selloffs and flattens as the index rallies.
When index skew shifts significantly, savvy NDX users may identify unique opportunities.
Kitti Suwaneakkasit/iStock via Getty Images
By Kevin Davitt, Head of Options Content
Running of the Bulls
The annual “Running of the Bulls” takes place in Pamplona, Spain in July. The tradition has a rich history dating back to the 14th century. Ernest Hemingway introduced
