VIX'60min
VIX'daily3
Summary
More than anything today - even more surprising than the sp' breaking <1538, was the strength in the VIX. The 18s were not at all expected, and it has to be said, they are unquestionably a warning that all is no longer calm in market land.
I still expect a minor 2-3 day bounce in the main indexes, to around sp'1570s, and that should in theory cool the VIX back down to the 16/15s.
VIX 20s..on the way
What now seems clear, the equity bears - especially the option traders, can look forward to VIX breaking above the key 20 threshold. This seems very likely before April comes to a close.
With a break into the 20s, the only issue then is where does it stop.
Note that the 2012 VIX high was a mere 27, right now...I have to think that will be greatly exceeded this coming May.
more later..on the indexes