We have a possible short term double top on the VIX. It is suggestive of a latter day equity recovery/bounce, but still, bulls need a close back in the sp'1630s to have any hope of higher levels into the Friday close.
Well, the sp'1622 floor failed to hold, and understandably, the bears are now seeking 1600/1597 within the next few days.
The bigger daily charts are still bearish, and baring a positive close today - which seems VERY unlikely, the bears look set to hit their target.
Best guess right now...'some' degree of bounce into the late afternoon, but it will probably just put in another lower high.
*I have to say, I think its more comfortable losing money on the short side, whilst the market is ramping. Urghh.
VIX update.. from Mr P.
time for lunch