Gains in volatility

With the main equity indexes slipping for the third consecutive day, the VIX managed to battle higher, and hold most of the gains, closing +9.1% @ 14.31. Baring some major negative news, equity bears are going to struggle to push <sp'1690, with the VIX 15/16s looking difficult to attain.


vix'60min

vix'daily3

Summary

For the VIX, today was the first decent closing gain since Aug'26. Yet, the VIX is only in the 14s, and even the 15s are looking difficult to break into tomorrow/Wednesday.

The notion of VIX 20s is completely off the table for some weeks..if not months. Indeed, that is a very serious issue all those touting major 'autumnal declines' need to consider.

The VIX 2012 high of 27 does not look viable in the remainder of this year, which..if you really think about it..says everything you need to know about which direction this market is headed.
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more later on the main indexes