Volatility fractionally higher

Despite the main indexes closing moderately lower, the VIX only managed to close fractionally higher, +0.1% @ 13.40. Near term outlook remains for the VIX to remain in a tight 13/11 range. VIX continues to reflect an essentially fearless market.


VIX'60min

VIX'daily3

Summary

I think the VIX tells the story of today. Despite a little post-FOMC weakness..with the Tuesday low of sp'1784 being broken...the VIX continues to suggest the market is fearless.

Equity bears really need to be mindful of the closing black-fail daily candle. It does not bode well for tomorrow..or Friday.

Again, it remains highly implausible to believe VIX will be >20..until at least mid/late Jan'2014.

more later...on the indexes