Volatility falls into the long weekend

With the indexes recovering from an afternoon micro decline, the VIX failed to hold fractional gains, closing -1.6% @ 12.46. The VIX even marginally broke below the January lows, hitting 12.24. It remains an incredibly fearless market.


VIX'60min

VIX'daily3

VIX'weekly

Summary

A pretty quiet week in the equity market, and the VIX merely melted lower, slipping 4% across the week.

Are VIX 11s due next week? If the sp' breaks into the 1530/40s, you'd have to think we will indeed see VIX 11, perhaps even 10.

Which brings me back to the April/May outlook for Sp'1600s, where we'll probably see VIX..single digits, which would be one of the ultimate achievements for the bull maniacs since the spring 2009 lows.
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A little more later...on the indexes.