With the 'great news' that Merkel cancels a press conference, the indexes snapped higher, and the VIX got whacked lower.
This kind of last hour nonsense is arguably one of the most annoying things about this nasty market. To think, that the cheerleaders on clown channel still ask the question 'why is the retail investor not returning?'.
VIX, daily, rainbow
Despite todays last hour nonsense, VIX is still in a broad uptrend.
From a weekly cycle perspective, the bears would really prefer a close tomorrow of 21+.
July targets remain unchanged, VIX 30s..and probably 40s - equating to sp' in the lower 1100s.