Volatility closes flat

The VIX opened 4% higher, but those gains sure didn't last long, and by late morning the VIX was again 3% lower in the low 16s. Yet, with the indexes weak in late afternoon, the VIX managed to close flat, and remains @ 16.65


VIX'60min

VIX'daily

Summary

The hourly cycle is now fully reset, and is primed for a major leap higher - possibly a large gap higher at the Wednesday open. A 10% move would get the VIX back into the low 18s, although based on recent VIX action, a 10% move is perhaps expecting too much.

Regardless, I'm still looking for VIX 20/21 - at least briefly, before the indexes floor, somewhere around sp'1345.

More later.