The VIX futures however barely budged. At 1:42 pm ET, those futures looked like this: August 12.93 +.23, September 13.70 +.10, October 14.48 +.08.
My professional read of the futures reaction is that the market is saying this is a short-term event. If market believed this would result in a serious escalation of conflict in Eastern Ukraine, then we'd see September and August VIX futures moving higher instead of unchanged.
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Gold futures moved higher immediately, but the move was muted. Gold was trading at $1,305 an ounce and did hit $1,325.90, but sold off $8 from that high to $1,317.90.
It is noteworthy that we saw a significant bump higher in three defense names; Lockheed Martin, Northrop Grumman and Raytheon. All three were down about 0.5 percent, but flipped to positive immediately on the news of MH 17 crash.
"Fast Money" trader Jon Najarian is a professional investor, money manager, media analyst and co-founder of optionMONSTER and tradeMONSTER. He worked as a floor trader for 25 years and before that, he was a linebacker for the Chicago Bears. Follow him on Twitter @optionmonster.
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