VIX crushed lower

With equities building significant gains across the day, the VIX was ground lower, settling -7.0% @ 13.45 (intra low 12.96). Near term outlook is for further equity upside to the 2150/70s into early July, which should equate to the VIX remaining very subdued in the 14/11 zone.


VIX'60min

VIX'daily3

Summary

Little to add.

With an apparent cycle floor of sp'2072, the equity bears could only manage a VIX in the mid 15s... it is frankly... lame, and highly indicative of the continuing underlying strength in the US (and most world) equity markets.

The big VIX 20 threshold looks out of range until mid/late July. At best.. if a sig' equity correction in the late summer, perhaps we'll see VIX 25/35s, but such levels will not be sustained for long.

For the moment, there seems zero point in being long VIX, whether option calls, VXX, or the decay prone TVIX/UVXY.

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more later.. on the indexes