With the sp' breaking into the 1740s - a level that seemed 'difficult by year end' just last week, the VIX ended the week -3.3% @ 13.04, after a morning low of 12.34. Across the week, the VIX declined by 17%, with the VIX now almost 50% lower from just 8 trading days ago.
A mere two weeks ago the question was whether the equity bears could achieve a weekly VIX close in the 20s - which would have been a major achievement.
Here we are, with a VIX weekly close in the 13s, having broken back into the 12s earlier today. It is a huge failure for the bears, and based on previous cycles, it will likely be some months before the next VIX spike.
I have to now assume that the summer 2012 VIX high of 27 will not be surpassed in the remainder of the year.
more later..on the indexes