With equities failing to hold the minor opening gains, and breaking lower in the early morning, the VIX spiked (intra high 14.23), but settled -4.8% @ 12.49. Near term outlook is for continued broad equity upside, which should keep the VIX pinned within the 14/10 zone.
*opening black-fail candle on the hourly VIX cycle... with a following spike around 11am, as the market turned lower on 'Gulf ship' news'
Even with the Dow -120pts or so in the morning, the VIX could only spike into the low 14s... briefly.
VIX looks set to remain subdued into mid May. The big 20 threshold looks out of range until at least mid June.
more later... on the indexes