With the indexes moderately declining, the VIX remained flat. It remains an entirely fearless market.
VIX in the mid 14s reflects an incredibly confident market. Considering the increasing unrest in the middle-east - amongst many other issues, its amazing to see a market so utterly complacent, but then..the Bernanke has our backs..right ?
The VIX does look set for at least a few higher closes later this week. A move to 16/18 seems very likely, but that will probably be it for this new cycle.
With QE3 underway, primary trends need to be respected.