Volatility whacked lower

With the main indexes rising over 1.5%, the VIX was knocked lower by almost 9%, back into the 16s. Considering all the economic issues out there, and the endless black swans, VIX in the mid teens is truly bizarre.


VIX'60min

VIX, daily

VIX, weekly.

Summary

Today's index ramp - as expected, does nothing to damage the outlook for VIX 35/40s in the coming 3-5 weeks.

The only issue is where will the VIX floor next week. 15s seem possible, if briefly.
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What is clear...VIX calls..for Aug/Sept are unbelievable cheap right now. 

Closing Brief

Welcome to the weekend...just a closing update on those hourly cycles


IWM

Dow

Sp

Summary

Pretty surprising size of rally, but not..too unexpected. I am glad to be on the sidelines.
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Have a good weekend

3pm update - wave'3 maybe

The hourly cycle looks pretty toppy, and very vulnerable to a minor last hour sell off, although the 15min cycle is now floored, and ready to go up.

Its all irrelevant though in the bigger picture. Its mere noise..and for most of those looking to capture the next big wave lower...now is not the time to start hitting buttons.


sp'60min

Summary

A little more after the close. I'm not sure what I'll post over the weekend, maybe something on the weekly cycles.

Regardless....to end the week...

Wave'3 is coming...........maybe ;)