Volatility breaks into the 12s

Despite the indexes opening lower, the VIX was red from the start, and quickly collapsed to a daily low of 12.89. Even though the indexes recovered across the day, the VIX settled somewhat above those morning lows, but still down a net -8.4% @ 13.48.


VIX'60min

VIX'daily3

Summary

Indeed, the most notable issue of today was the opening VIX, where the Dow was -140pts, yet the VIX was -1.5%. and as the indexes quickly recovered by 10.30am, the VIX collapsed into the 12s.

Just reflect on the fact that across 8 trading hours, the VIX fell from the 18.50s to 12.80s.

We're right back to an essentially fearless market. A market that has zero concern about the immediate term, and one that knows the QE fuel will keep on flowing into next year.
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more later..on those bullish indexes