Volatility fractionally lower

Whilst the main indexes closed moderately lower - inspired by the Google price action, the VIX once again failed to hold onto even minor gains of 2%, and closed 0.25% lower to remain in the low 15s.


VIX'60min

VIX' daily

Summary

VIX remains utterly flat. Intra-day action remains mute, and we remain at bizarrely low levels.

A close in the 17s should be the first target for the bears, but right now, even that looks out of range. Even a test of the recent sp'1427 low will probably not be enough to get the VIX back to the 17s.

Until VIX puts in a weekly close >20, all index declines are to be largely dismissed.

More later.