Volatility a touch lower

Whilst equity indexes saw minor opex chop, the VIX was pretty weak across the day, settling -0.7% @ 14.68. Near term outlook is for the VIX to remain in a tight 15/12 zone. The big 20 threshold looks well out of range until April. Across the week, the VIX gained 8.2%.


VIX'daily3

VIX'weekly

Summary

Despite the minor weekly gain, the recent trend is one of a market that has essentially no fear. Despite geo-political rumblings in a number of nations this week - not least the Ukraine, the market just doesn't care...at least not yet.
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VIX will likely remain <20 until at least early April. What will be interesting is how high it can spike on the next major wave. The VIX high for 2013 was a mere 21.91.. and we've already come close to breaking that.

more later..on the indexes