With the indexes rallying for a second day, the VIX naturally dropped, and melted all the way into the close, -9% @ 15.14. Across the week, the VIX lost 7%. Near term trend looks very weak, and the VIX looks set to be trading in the 13s next week.
The VIX appears to be confirming that a floor has been secured @ sp'1598. Today's VIX drop was very significant, and it does look that we'll be back in the 13s within the very near term.
I suppose we could put in a higher low - somewhere around 14/13.50, but still, with QE continuing, this market looks set for much higher levels into late June/July.
a little more later..on the indexes