VIX soars into the upper teens

With world capital markets riled by the ongoing Greek crisis, the VIX opened sharply higher, and built powerful gains across the day, settling +35.1% @ 18.94. Near term outlook offers further equity weakness, with next resistance in the 20/21 zone.


VIX'60min

VIX'daily3

VIX'weekly

Summary

*closing hour saw further equity weakness, helping VIX break into the 19s, for the first time since February.
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The bigger VIX weekly cycle has been warning of a break higher since mid May. Today's sustained action >17, has opened the door into the low 20s. As ever though, it will be difficult for the VIX to hold above the key 20 threshold for more than a few days.

More significant VIX upside looks due in the late Aug/Oct' time frame. A move into the 30s looks just about viable... if sp' sees a sig' correction <2K.

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*I exited a long VIX position this morning, will be looking to get involved again in the VIX in August.. and across September.

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more later.. on the indexes