Volatility melting lower

The VIX was positive in early morning, despite slight equity gains, yet, with the indexes failing to break lower, the VIX naturally melted lower, settling -1.4% @ 15.63. Near term trend is for lower levels, but VIX looks unlikely to break under 15, even if sp'1680s.


VIX'60min

VIX'daily3

Summary

*I'm not sure why the VIX jumped (if only a little) into the close, maybe some 'VIX insurance' buy orders came in?
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All things considered, with the sp' in the 1670s, the VIX is holding up 'reasonably' well.

Even if sp'1680/85 gap-fill, I can't see the much lower VIX gap in the 13s being hit this week. That just looks way out of range.

Indeed, with the little closing mini-ramp into the 15.60s, VIX should hold the 15s..even if sp'1680/85.

*I remain long VIX, from the 15.50s.
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more later..on the indexes