Volatility naturally lower

With US equities climbing for a second day, the VIX was naturally lower, settling -9.8% @ 14.23 (intra low 13.72). Near term outlook is for VIX 12/11s. The 10s look difficult, unless sp' can break back into the 1970s... which won't be easy.


VIX'60min

VIX'daily3

Summary

*notable VIX gap filled in the low 14s.
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Little to add.

VIX failed to break above the 17.50s last week...the divergence played out..and we're likely to see the VIX remain subdued for much of the week. Certainly, a break into the 18s looks very unlikely... barring a 'spooky' news story from the Ukraine.
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more later... on the indexes