Volatility looks ready to jump

Despite the somewhat dubious drop in the closing minutes, the VIX looks like it is ready to make a jump into the mid teens. The VIX closed -5.9% @ 12.78. Near term price action looks solid in the mid 12s, first upside target are the 15/16s.


VIX'60min

VIX'daily3

Summary

The VIX was looking very comfortable in the low 13s in the closing hour, but with a brief index spike.. the VIX was whacked back to the earlier lows.

I have to say, I'm very dismissive of the closing VIX level. On any basis, it looks like we could be trading in the mid teens within the next few trading days.
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Daily VIX chart looks particularly bullish.

Certainly, VIX 20s still look a few weeks away right now, but I'm pretty confident we'll get there, not least if we can break <sp'1500.

*I'm looking to pick up a VIX call block within the next 1-3 days.

more later...on the indexes