Volatility fractionally lower

Another repeat of the previous 15 trading days, where the market opens a touch lower..only to close higher. The earlier VIX gains of 6% failed to hold - with a classic black candle warning on the hourly chart. The VIX closed -0.24% to rest @ 12.43


VIX'60min

VIX'daily

Summary

It has to be asked, are we entering a new phase of the market?

The VIX is seemingly now unlikely to break into the 20s until the late spring - and that's arguably somewhat overly 'bearish', with the SP' likely to be trading comfortably in the mid 1500s this February/March.

So long as there are no major scares, it could be a remarkably strong market year ahead.

Rather than the low sp'1000s..even 800s - as some of the doomers are touting (by early 2014), are we instead going to see 2013 close in the sp'1700s ?

It has to be considered...regardless of the dire fundamentals.

More later..on the indexes.