With equities breaking above resistance of sp'2108 in the morning, the VIX was crushed, seeing a momentary spike low of 10.88 - the lowest level since July 2014, settling -3.8% @ 12.51. Near term outlook is uncertain, and will depend on whether the bears can attain a daily close under the 200dma in the low sp'2070s.
*the daily candle is a classic hollow red reversal candle. The added hyper-spike adds to the notion that this was an exhaustion move.
The morning spike to 10.88 was another one of those periodic bizarro VIX prints. The daily close in the mid 12s was a minor consolation to those currently long volatility.
*I remain long-VIX, am trying to be patient, seeking an exit in the 15/16 zone.
more later... on the indexes