VIX'60min
VIX'daily
Summary
The VIX remains very low, and as I keep highlighting, a VIX under 20* is just not that reliable. Today's moves were arguably all noise.
The hourly MACD cycle certainly offers good VIX upside tomorrow, but the daily cycle is now starting to tick lower. As ever, the bigger cycles out-gun the little ones.
Those bears - myself included, seeking sp'1420/15 within the next few days, will need a VIX of 18/19. That still seems possible by the Friday close, but its going to take 'something' to upset this market, and Mr Market still seems quiet capable of ignoring most of the underlying troubling econ-data.
We do have the big monthly jobs data on Friday. Could that really be enough to whack the market down 2%? With QE3 now announced, a bad jobs number would surely have to be reflected with a bad market day?
---
*a VIX weekly close >20, remains my third 'red flag for Octobe' that I am seeking.