3pm update - the very subdued VIX

Despite a swing from sp'1930 to 1915, the VIX has remained moderately lower for almost the entire day. For now, there is simply no significant downside power from the equity bears, and even the 1900 threshold is looking a little difficult tomorrow morning. Metals have cooled a little from earlier highs, Gold +$22, with Silver +1.2%.


sp'60min

VIX'60min

Summary

Broadly... its one of those days where its arguably a case of 'turn ya screen off until next Monday'.

So.. 1950/60s.. or around the 2K threshold... it really seems to be one of those two..... with the bigger weekly cycles suggestive of a mid March turn... which would favour the 2K believers.

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notable weakness.. TVIX -2% in the $9.40s.. as there just isn't any real hope of major market upset in the near term. VIX is apparently already settled into 'melting into the weekend' mode.
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My closing post last evening was 'Are we here?'

Zerohedge was leading earlier with 'You are here'.


Hmmmm
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3.09pm.. GDX breaks last Friday's high of $18.85.. by 1 cent... as Gold +$27.

Another wave lower in Gold - and by default... the miners... before hyper-upside this spring.