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The VIX is up slightly as expected after the long weekend.

The volatility index is up 0.83 percent to 32.92. This is normal behavior after the long weekend as volatility is re-priced in the SPX options. The S&P 500 index is up just 1.5 points to 888.

The VIX futures, on the other hand, are down across the board. The June VIX future trades at 32.55, July at 32.80, and August at 32.20.

The 30 day historical volatility for the SPX is at 28 percent, while the 10- and 20-day readings are both down at 26 percent. This means that the VIX around, or even below, 30 is not complacency, but fairly priced volatility.

(Chart courtesy of tradeMONSTER)

Source: VIX Up, As Volatility Re-Prices