Volatility still melting lower

With the main indexes seeing the traditional 'latter day recovery', the VIX naturally failed to hold the morning gains of 3%, and closed -3.9% @ 12.31. The market remains laughably complacent, and VIX 11s look 'briefly' possible on any attempt to re-take the sp'1700s.


VIX'60min

VIX'daily3

Summary

So..once again...opening minor gains in the VIX...only to close lower. Rinse..repeat...probably tomorrow, Thursday..and Friday too. Why wouldn't it? Not least with two blocks of QE, and an opex..where we'll probably see micro-chop into the Friday close.
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For the option trader 'bears' out there (which includes yours truly), this is a market to leave alone. To be clear, I am still very bearish into September, I'm more than content to let this week of minor chop just pass by.

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more later..on the indexes