1pm update - VIX set to lose the 14s

With US equities holding strong gains, the VIX looks set to melt even lower this afternoon, with a viable daily close in the 13s. The big VIX 20 threshold looks out of range until at least April. Metals remain weak, Gold -$14.


VIX'daily3

Summary

Not much to add, on what is a powerful day for the bulls.

Again, the underlying upside pressure - seen better on the weekly/monthly charts, is over-riding what little downside pressure there has recently been.
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Notable strenth: DRYS, +6%.

A break into the $4s would open up a swift ramp into the 5s before the next FOMC.