The sp' hits a new high of 1555, with the VIX in the 11.70s. There is no sign of a turn. Yes, the weekly and monthly index charts are arguably kinda close to the limit, but there is no reason to think the bears have any hope of downside this week.
sp'daily5
vix'weekly'3 - 10yr, rainbow
Summary
We've not seen these VIX levels since the first half of 2007.
Single digit VIX is viable at any point on a brief short-term capitulation spike.
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The ultra bullish outlook would very much be seeking VIX in the 9s this summer.
After all, whats to fear..the Bernanke is printing 85bn a month!
*big POMO this Thur/Friday. Bears need to stay well clear of this nonsense!