VIX breaks a new cycle low

With equities starting the week on a positive note, the VIX was ground lower, settling -8.5% @ 12.77 (intra low 12.43). Near term outlook offers renewed equity weakness into end month, which should equate to VIX 16/17s. The big 20 threshold looks out of range in the near term.


VIX'60min

VIX'daily3

Summary

Little to add.

Considering the ongoing 'Greek situation', the VIX remains bizarrely low. Without question, there is a huge level of denial within the mainstream.

Many are still outright dismissive of a Greek debt default, never mind the more serious threat of an exit from the Euro. The grander issue of 'contagion' to Spain and other Euro members is similarly largely dismissed as 'crazy talk'.

Incredible times. No doubt it'll end... well.
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more later... on the indexes