Relentless declines in volatility

The first hour of the day saw a rather bizarre brief hyper-strong reversal from -2% to +11%... but then renewed downside melt. The VIX settled -0.2% @ 11.76 (intra low 11.52). Near term outlook is for the 10s, 9s seem likely (if briefly)... at some point.


VIX'60min

VIX'daily3

Summary

*the ninth VIX decline in ten days
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I'm not sure what to make of the first 30 minutes of VIX trading. I'm sure someone out there has a valid explanation.... I wish I knew. It is interesting that we got stuck right at the descending trend - see daily chart.

VIX looks set to remain low for another few weeks. The upper price gap zone in the 15s remains a viable target on any 2-3 day equity sell down.

The big VIX 20 threshold looks very unlikely to be hit until at least October.
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more later.. on the indexes