With the indexes ramping into the close, the VIX collapsed, closing -8.1% @ 14.89. Across the week, the VIX declined by 11.7%. Volatility looks set to melt lower for the rest of July, perhaps down to VIX 12/11s.
For the bears, the VIX tells the story, it is an utterly fearless market.
No fear of Europe, no fear of bond yields, no fear of Oil >$100, no fear of...anything.
Absolutely incredible, but then...the market is propped up by $85bn of QE each..and every month. Until that ends..the broad up trend..will no doubt continue.
more later..on the indexes.