VIX'monthly
VIX'weekly
Summary
As quite a few have recognised over the past few years, the weekly 200 MA remains a real brick wall. Since the key floor in Oct'2011, the VIX has never been able to attain a weekly close above the weekly 200 MA.. currently in the 17.50s..and which continues to decline each week.
Right now, at best... if sp'1970/50 zone in early October, VIX will likely get stuck in the 16/18 zone.
Indeed, ALL those equity doomer bears seeking a major multi-month drop, aka.. the 'intermediate wave 4 (or D), should be seeking a weekly VIX close in the 20s.. to help clarify that the bigger trends have changed.
All things considered, I find VIX 20s unlikely in the remainder of the year, but maybe that is just classic bearish capitulation on my part.
*as things are, I have ZERO interest in being long VIX in the near term.
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Video from Gordon T Long, with Egon (sadly..not Spengler)
Financial repression and precious metals
I will note, I certainly see Gold as a valid form of financial insurance against Government. Yet this single asset class is overly focused upon by many, not least those in the 'doomer' community.
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Looking ahead
Thursday is set to be quite busy. We have weekly jobs, ADP jobs, PMI and ISM service sector, and productivity/costs data.
More importantly though, the ECB are due to make a decision on a likely QE program, although what they might decide on, is very difficult to guess. What is certain, the ECB will be keeping rates very low for a long time to come.
*there is minor QE-pomo of around $1bn.
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Goodnight from London