With US equity indexes breaking new multi-month highs, it was a week where the VIX broadly declined, concluding with a net Friday decline of -0.7% to 13.62, that resulted in a net weekly decline of -11.3%. Near term outlook offers the 15/16s, with the 17/18s looking difficult next week.
*a fourth consecutive net daily decline for the VIX, swinging from a Tuesday high of 16.57 to a Thursday low of 13.38.
US/world capital markets are now pretty damn confident, not least with the renewed notion of a 'Yellen put'.
A break above the key VIX 20 threshold looks out of range next week, and the 30s now look unlikely until mid May at the earliest.
*I remain long VIX from the 14.40s.
more later... on the indexes