Volatility knocked lower into the close

A somewhat dubious end to the day in VIX land. For the fifth consecutive day, the VIX fell lower across the last few minutes of the trading day, and closed -1% @ 12.24  Near term trend looks like a mid-term floor in the 12.25/11.75 zone will hold.


VIX'60min

VIX'daily3

Summary

The VIX broke out of the 4 day down channel earlier today, but closed (somewhat surprisingly) in the red.

Although, it should be noted the closing action was VERY suspicious. This was the fifth day where the VIX was whacked lower in the closing minutes. Today was especially the case, where the VIX was flipped from +1%..to -1% in a matter of a few minutes.
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Today was day'4 down, and clearly, there is STILL no turn/levelling phase. Yet, the Daily lower bollinger band is very close @ 11.41..and that is itself rising.

The VIX might see a brief Friday spike lower - and then a major intra-day/morning to the upside.

Regardless of tomorrow, the VIX is historically cheap insurance at these levels, and I'd have to expect a move into the 15/16s before this month is done. Whether we can break into the 20s this May.. that is the ultimate question.

more later..on the indexes