Volatility fails to hold gains

With the indexes seeing their usual afternoon ramp, the VIX lost almost all of the earlier gains of 7%. The VIX closed fractionally higher, +0.7% @ 13.50. It remains an utterly fearless market.


VIX'60min

VIX'daily3

Summary

Not much to say. First target remains the lower end of the gap zone of 16-18.

If the SP' can break lower next week down to the 1470/60s, then VIX should 'very briefly' spike into the 17/18s.

A move above VIX 20' seems unlikely until at least the May. Indeed, one little issue is whether we'll see single digit VIX by April/May - with SP'1550/1600s ?
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More later..on the indexes

Closing Brief

A red close, but clearly another major disappointment for those bears seeking a 3-5 day retracement. With the close comfortably above sp'1500 level, the bulls claim yet another little victory. Dollar largely held onto most of the gains, but the VIX was weak into the close.


sp'60min

Summary

The bulls are comfortably holding all those strong gains from January.

As has been the case for two weeks, the bulls can sustain a move all the way down to the 1450s without causing any real damage of the short/mid-term upward trend.


*AAPL exploded in the closing 15minutes. I don't know why.

AAPL, 1min

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Its been a real messy trading week, and we've still one day left!

*the usual bits and pieces across the evening.

3pm update - weak bears

Bears can't even hold an index decline of 0.5%...again. Very disappointing, and it really dents those limited hopes of a break below sp'1490 into the weekend. VIX is only 4% higher now, and is in danger of closing red. Urghhh!


sp'daily5

vix'daily3

Summary

Frustrating..really doesn't quite cover it.