With equities closing the week on a somewhat weak note, the VIX managed a third consecutive net daily gain, settling +1.3% @ 14.19 (intra high 14.91). Near term outlook is for equity weakness next Mon/Tuesday, and if the sp'2060s, VIX should briefly trade in the 16/17s. The 20 threshold looks out of range.
*a net weekly VIX gain of 1.6%. The closing hour saw a marginal break of the immediate up trend.
Suffice to add, VIX remains bizarrely low, relative to the ongoing 'Greek situation'. Even the high teens would still merit as being overly low.
As things are, a last minute Greek deal still looks probable next Mon/Tuesday, and if so.. the VIX will not manage the 20s in the current up wave.
*I am long VIX (from 12.98), seeking an exit in the 16/17s.
more later... on the indexes