Volatility manages to close green

A Fed day is usually a choppy trading day, and today saw earlier index gains fail, with a major swing back to the downside, although the market as such only closed broadly flat. The VIX saw opening gains, then minor declines, but closed moderately higher, +2.4% to settle @ 15.95


VIX'60min

VIX'daily

Summary

VIX 20' remains the first key target of a multi-week explosive move, with a rough broader target in the 30s - assuming my index target of the low sp'1200s is viable in early 2013.

In the immediate term, VIX 17.50 - the recent high, is important to exceed, and that will open up 18/19. Whether we can break 20 this side of Christmas, that still appears a tall order though.

It is far more likely after Santa has been and gone.

More later, on the indexes.