With equities closing moderately mixed, the VIX remained in cooling mode, settling -8.0% @ 22.55. Near term outlook is offering renewed equity weakness to the sp'1870/50 zone.. which would equate to VIX 27/28s. Sustained action in the 30s looks unlikely in the current cycle.
The VIX was notably weak across the day, despite the broader equity market -1% at one point.
What does it mean? Well, certainly, the market is not in the least bit worried about another collapse wave in the immediate term.
Yet, the hourly/daily cycles both offer VIX 27/28s as early as tomorrow. Were that the case.. it'd equate to the sp'500 -40/50pts.. something that might sound a lot.. but then.. Monday closed -49pts.
*I remain long-VIX.. seeking an exit in the 27s....
more later... on the indexes