Volatility soars into the 20s

The VIX has broken the key 20 threshold for the first time since last December. It is a great victory for the bears, and bodes very badly for the equity bulls in the days, and next few weeks. Equities could easily bounce, but that won't negate the importance of today's break through.


VIX'60min

VIX'daily3

Summary

Well, I sure didn't expect VIX 20s today, and I don't know of anyone else out there who did.

Today's VIX close showed a touch of weakness, but still, this is first VIX 20 close since December, and equity bears should be delighted with it.

The only now is what level will the VIX spike to, when the sp' is hitting the lower weekly bollinger band - somewhere in the low sp'1500s.

Are the VIX 30s viable in this down cycle into early July? Considering today's action, there is the slight possibility of it.
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more later, on the indexes