Despite equity indexes closing higher, the VIX held up relatively well, settling -3.8% @ 14.81. Near term outlook is for post FOMC equity downside... first target is the sp'2055/50 zone, where there are multiple aspects of support.
*some distinct 'whack the VIX into the close' action... more often occurs on a Friday afternoon.
Volatility remains remarkably low, especially when considering the ongoing Greek situation.
Even if sp'2050s within 3-5 trading days, the big VIX 20 threshold looks out of range in the current cycle.
Much higher VIX levels look far more viable in the Aug-Oct time frame.
more later... on the indexes