With equity indexes settling lower for the second consecutive trading day, the VIX was finally able to hold some gains (if minor), settling +3.6% @ 12.56 (intra high 13.55). Near term outlook offers the VIX 16/17s, the 20s look difficult... not least if the sp'500 can't get any daily closes <2050.
*closing hour saw the VIX get whacked lower, as equities bounced from sp'2089 to 2098.
Despite the closing hour weakness, today is day'1 UP of a new cycle. Last weeks high of 16.27 looks a valid target this week. Whether we max out in the 16s, 17s.. or even somewhat higher.. difficult to say.
*I remain long-VIX... seeking an exit in the 16/17s later this week.
more later... on the indexes