Volatility relatively holding up

Considering the equity market gains, the VIX is holding up very well. No doubt this is partly due to the looming uncertainty of the Wednesday FOMC. The VIX closed -1.1% @ 16.61  Daily VIX trend looks bearish, and a break to the 14s looks very viable by the Friday close.


VIX'60min

VIX'daily3

Summary

There is very little to say, other than VIX looks set for further weakness for the rest of this month, and probably the first half of July.
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Equity bears have little to take comfort in from the VIX, aside that the VIX is still within a broadening up trend - see daily chart, although I'd guess that trend will break tomorrow.
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more later..on those bullish indexes