US equities opened significantly higher to sp'2074, but with significant cooling into the afternoon, the VIX rallied, settling +1.6% @ 19.97 (intra low 17.20). Near term outlook is uncertain, and will seemingly be largely dependent upon whether the Greeks can agree on something by early next week.
*VIX saw a brief spike into the close... fractionally breaching the key 20 threshold.
VIX has been broadly stuck in the 16-19 zone for 8 trading days.
From a pure cyclical perspective, VIX is due to cool back into the low teens, but with the Greek situation still not even provisionally resolved, the market is obviously concerned that matters will continue to spiral out of control, with a GREXIT by the autumn.
Considering the likely lack of any clarity by the Friday close, the VIX will now be able to achieve a weekly close in the 20s... last seen in February.
more later... on the indexes