Volatility fails to hold gains

With the indexes seeing their usual afternoon ramp, the VIX lost almost all of the earlier gains of 7%. The VIX closed fractionally higher, +0.7% @ 13.50. It remains an utterly fearless market.


VIX'60min

VIX'daily3

Summary

Not much to say. First target remains the lower end of the gap zone of 16-18.

If the SP' can break lower next week down to the 1470/60s, then VIX should 'very briefly' spike into the 17/18s.

A move above VIX 20' seems unlikely until at least the May. Indeed, one little issue is whether we'll see single digit VIX by April/May - with SP'1550/1600s ?
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More later..on the indexes