Volatility bounces..a little

The VIX closed up 8% today, but 8% of not much..is not much. VIX @ 14.85 is remarkably low on any historic perspective. I would dismiss anyone who can't recognise that there is very little downside, but huge upside in the current VIX.


VIX'60min

VIX,daily

Summary

The daily chart is very clear, only a break over VIX 17 is the first basic level that bears need to re-take. Even then, its a further 25% higher to break the recent 21 peak.

It remains remarkable to see the VIX at these levels, the notion of '30s or 40s' right now is indeed in the realm of crazy talk.

As noted last night, bears need to see sp <1350...and that would probably equate to VIX 19/20.

More later.