Volatility at three month high

With the indexes failing to hold opening gains, the VIX battled higher, and with the sp @ 1610, the VIX broke last Thursdays high of 18.51. The VIX closed +8.9%  @ 18.59. Daily trend is clearly back to the upside, but for VIX 20s, equity bears will surely need to see sp <1598.


VIX'60min

VIX'daily3

Summary

The equity bears saw a major achievement with the VIX breaking a new high today, and that was with the sp' 12pts higher than last Thursday.

I still think VIX'20 will be difficult to achieve, but clearly, any price action <sp'1598, and the VIX is going to achieve major break through.

more later..on the indexes