Volatility remains subdued

Despite another day of moderate weakness in US equities, the VIX remains very subdued, settling -0.5% @ 14.01. Even the VIX 15s look difficult to hit in the immediate term, and the 20s look next to impossible this autumn, baring a black swan (if not an entire flock).


VIX'60min

VIX'daily3

Summary

Despite the sp'500 declining for a fifth consecutive day, the VIX managed to yet again close marginally lower. Ohh, sure, it didn't close in the 13s, but it remains absolutely clear, this remains a fearless market.

There is literally near zero concern of the debt ceiling/US Govt' shutdown. Mr Market knows the Fed is going to continue to throw $85bn of new money at it for months..if not  years to come.

Indeed, in the bigger picture...equity bulls have little to be concerned about.
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more later..on the indexes