Volatility still weak

With the sp @1325 this morning, the VIX was +9%, and showing a breakout on the daily charts, yet the close was weak, very weak. The VIX remains very low, and as noted many times, until we see VIX  20+, the bears can not get excited about more 'interesting' index moves lower.


VIX'60min

VIX, daily

VIX, weekly

Summary

A weak close on the daily chart. The bigger weekly cycle outlook is still fine, and I'm looking for mid 30s within 3 weeks.

More later....