Volatility smacked lower..but stabilises

With the indexes seeing a crazy intra-day swings, its almost a little surprising the VIX didn't break into the 18s. Regardless, on the VIX appears to have stabilised from the earlier smack-down, closing moderately lower, -3.9%, to settle @ 16.46


VIX'60min

VIX'daily

VIX, daily, rainbow

Summary

The late morning ramp in the indexes saw the VIX put in the one if the biggest hourly declines that we've seen in weeks. That was a truly fierce snap lower, but as things closed, it looks like the hourly cycle is suggesting we've floored.

*note that despite todays decline, VIX, rainbow chart is still green.
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Sub'wave 2 complete?

Thats the real question right now, and if it is, we should be looking for the wave'3 to least break into the 19s. At this point, a break into the low 20s seems very unlikely.

More later, on the indexes.