1pm update - VIX 16s are on their way

US equities remain broadly lower, and it would seem just a matter of whether the VIX will break into the 16s by today's close... or tomorrow. In either case, the market is seeing a natural intial retrace of the ramp from sp'1810-2075.


VIX'daily3

Summary

Unlike last Friday, the market is unable to rally.. and we look set for a second day of net declines.

As things are, I am trying to be patient, but will get twitchy around sp'2025/20.. with VIX >17.50.

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Q. Could we perhaps fall further to the 38% fib.. around 1980/75, as happened early last November?

sp'daily3

Thoughts?
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time for some sun....  back at 2pm...