VIX - Volatility increasing (but slowly)

A brief update on the VIX. Today was an odd one for the VIX, which opened moderately lower - despite a weak market mood. VIX managed to recover from -5% declines to break +3% in the closing hour...but still closing almost flat.


VIX'15min

VIX, daily, bullish outlook

VIX, weekly

Summary

VIX managed to just close green..which considering the last hour sell off - and overall market weakness, is not exactly impressive. I'd have normally expected +5% at least, so we have to acknowledge there is still no significant panic in this market.

VIX weekly cycle inexorably cycling higher, and we are now at the upper bollinger band, next target remains 24. The ultimate question remains whether we can exceed last years high of 49. That seems possible if Greece exits the Euro - leading to bank 'issues' across the Euro-zone.