Volatility still melting

With the main indexes battling back from opening moderate declines, the VIX failed to hold the fractional opening gain, and melted lower across the day, settling -4.5% @ 12.81. Near term outlook is for continued 'melting', although VIX 11s look difficult to hit.


VIX'60min

VIX'daily3

Summary

Well, as I expected/feared, the equity bears are still lacking in any 'downside power', and the market is just very resilient. As a result, its no surprise to see the VIX slipping lower again.

Best guess...a choppy VIX across this week, 12/13s, but the 11s look unlikely...baring a move to new index highs >sp'1709 - which I do not expect.

VIX in the high teens (never mind in the low 20s) look effectively impossible until early September at the earliest.
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more later..on the indexes