Volatility..holding firm

The VIX had a rather restrained day. The morning low of dow -100pts only resulted in the VIX +5% - not exactly a big move! With the market ramping (briefly) in the closing hour, VIX dropped 5%, but...in the brief 20mins post index-close...VIX recovered those losses, and closed effectively flat.


VIX, 60min

VIX, daily, bullish outlook

VIX, weekly

Summary

All VIX cycles remains bullish. First target remains somewhere in the 27/29 range. A brief spike into the low 30s is viable if the market gets spooked! If the job data tomorrow comes in under 100k, then perhaps we can see a VIX +20% day, taking VIX to 28/29.

More later, looking at the daily index cycles.