Volatility still melting lower

With equities climbing for a third day, the VIX melted lower, settling -0.7% @ 15.77. If the main indexes can break another 1-2% higher, the VIX will be at least in the low 15s..if not lower. The big VIX 20 threshold remains the prime target for the bears this month.


VIX'60min

VIX'daily3

Summary

So...another day for the equity bears to forget.

There really isn't much to say. Hourly VIX charts are now very low..and there is certainly upside potential. However, the daily charts are now clearly on the decline, and VIX could easily fall for some days to come.

Frankly, it is not looking good for the bears right now. If we close at current levels, at the Friday close, then the weekly cycles will be offering the equity bulls a major ramp into the autumn.

The markets reaction to the monthly jobs data will be very interesting to watch.

more later..on the indexes