Volatility slips into the weekend

The VIX put in a classic reversal candle in the opening 30 minutes, but by the closing hour, the VIX had taken out the morning low, with the VIX closing -4% @ 15.90. This remains a fearless market, seemingly completely unconcerned about the looming $500bn in tax rises and spending cuts.


VIX'60min

VIX'daily

Summary

A disappointing end to the week for the bears, especially after what is often a classic reversal candle. Oh well, there is always next week.

The VIX remains at bizarrely low levels, and frankly there is only minimal downside, whilst the upside is massive.

From a chart perspective, the bears now need to close back in the mid 16s..and then take out the recent 17.50 peak. A challenge of 19/20 will then be viable.

FOMC is next Wednesday, so things 'in theory' should get more volatile.
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More later..on the indexes