With equities seeing increasingly severe weakness for the second consecutive day, the VIX continued to soar, settling higher by an extreme 46.4% @ 28.03 (intra high 28.38). Near term outlook offers an equity bounce to the sp'2040/50s, and that should equate to VIX back in the teens.
*an extreme net weekly gain of 118.5%... simply incredible.
Suffice to say... a VIX that has doubled this week. In fact.. the VIX doubled from the Wed' afternoon low of 13.73 - when sp' was spiking to 2096.
On any equity bounce next week, first target will be the initial gap zone of 22/19. The mid teens look possible if sp' can break to at least the 2040/50s.
more later... on the indexes