With equities holding largely flat, the VIX was once again in melt mode, settling -1.5% @ 11.40 - the lowest monthly close since Jan'2007. Across the week, the VIX gained 0.35%, whilst across the month, VIX fell a very significant -15%
Indeed, most notable...it was the lowest monthly VIX close since Jan'2007. We're right back to levels/price action not seen since the peak of the property bubble.
Of course, this sure doesn't mean the VIX has floored, the 10s do look likely in June, perhaps even the 9s.
Considering the monthly equity charts though, I'm still seeking some kind of multi-month down wave, which should equate to VIX back in the 20s...later this summer. Whether we can go much higher than the 2013 high of 21, that remains the big unknown.
more later...on the indexes