Wall Street traders 'caved'? Deployed $9 million to protect against a potential September market sell-off

As many Wall Street traders prepared to take a long weekend for Labor Day, at least one investor was making a protective play for the market sell-off in September. A trader or traders bought call spreads on the Chicago Board Options Exchange's VIX index, which protects against the risk that the VIX index, which is currently slightly above 15, will soar above 22, the level it was at on Aug. 9 when the market was just recovering from a sharp sell-off. If the VIX index rises to 22, it will return to the level it was at on Aug. 9.