Volatility a little higher

The VIX spiked in early trading (+10% to 13.41), but quickly failed as equities merely churned. The VIX settled moderately higher, +2.2% @ 12.25. Near term outlook is for VIX to remain within the 13/10 zone.


VIX'daily3

Summary

Little to add.

VIX remains low, and the big 20 threshold looks unlikely to be hit for at least another 5-6 weeks.

Equity bears should keep in mind, that if the next multi-week equity down cycle does not break much below sp'1960, then VIX will not be breaking >20 until next year.
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more later.. on the indexes

Closing Brief

US indexes closed moderately mixed, sp -1pt @ 2002 (new historic high 2006). The two leaders - Trans/R2K, settled higher by 1.3% and 0.4% respectively. Near term outlook remains bullish, with the 2030s viable by end of this week.


sp'60min

Summary

Overall, a day of minor chop.

However, the bulls achieved two new historic highs... sp'2006, and Transports 8519. Both are indicative of the broader upward trend.
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more later... on the VIX

3pm update - minor chop

US equities look set to close a little weak, but having broken new historic highs of sp'2006, and Trans' 8519. Commodities remain somewhat battered - via a rising USD (+0.3%), Gold -$21, Oil is lower by a rather severe -3.0%.


sp'daily5

Summary

So.. a rather quiet day to start the week. No doubt its going to take a week or two for most to have returned from late summer vacations.

Even then...volume will no doubt remain light. The only time we get decent vol' is on down days...as ever.
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As for today... the problem for the equity bears remains the same...new highs are regularly being broken. With the upper bollinger on the giant monthly cycle now in the sp'2070s, there will no doubt be increasing talk of the 2100s by end year.
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Notable strength: airlines, UAL +4.0%
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3.09pm.. Something for the doomer bears to reflect upon...

Lower oil prices... in the 90/80s.. really is quite a bullish thing for the broader economy.

ps..not that I'm saying '90/80's are 'cheap'.... but its a hell of a lot better than 100/110.