VIX fails to hold the opening gains

With equities opening sharply lower, the VIX jumped at the open to 13.23, but immediately started to slip as the sell side was exhausted. VIX settled higher by 8.1% @ 12.59. Near term outlook is for the VIX to melt back down to the 11/10s...with 9s likely at some point this summer.


VIX'60min

VIX'daily3

Summary

Today was a classic instance where equity bears should have been almost solely focused on how the VIX was trading.

The VIX opened significantly higher..into the 13s.. but by 10am...it was already sporting a black-fail candle on the hourly cycle. This was indeed a major warning to the bears, and there was ample opportunity to exit in the sp'1950s.

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VIX looks set to melt lower into the weekend..and across much of next week.

I'd not be surprised to see VIX 9s before the end of this month.
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more later... on the indexes