12pm update - fearless market

Whilst the main indexes are a touch weak, the VIX is being melted lower. After all, the market has no fear in the immediate term..everything is 'fine'. Surprisingly, a VIX weekly close in the 11s now looks viable, even if the sp' still <1710. Incredible complacency.


sp'daily5

vix'daily3

Summary

Well, VIX 11s actually look viable now, not least with things pretty quiet out there.

We'll probably see a further VIX smack down in the closing few minutes of the day.
--

*I remain on the sidelines, and right now, I don't expect to get involved until after the rather huge QE-pomo of Tuesday morning.
-