Volatility slips lower

With the main indexes closing somewhat mixed, the VIX itself traded within an extremely narrow range today. From minor gains of +1%...the VIX closed -2.3% @ 12.64. The VIX is now very close to the 11s, which would again be a reflection of what remains a fearless market.


VIX'60min

VIX'daily3

Summary

The VIX hourly chart remains an utter mess. I don't think I've ever seen a more directionless VIX.

The daily VIX chart illustrates how after a small rally to the upper 14s..the VIX is almost right back to where it started.

I suppose some could say that the VIX is holding a higher low, whilst the indexes are pushing to higher highs, but really.. no. I can't consider anything like that as remotely suggesting the VIX is going to surge in the near term.

As things are, the VIX doesn't even look like its going to break into the lower end of the 16-18 gap zone. Perhaps equity bears will have to wait until late April/May ?

more later..on the indexes

Closing Brief

Another somewhat quiet day in the US markets. Yet the bulls can tout another higher high. With dollar weakness, and the VIX closing in the 12s, this market is fearless..and frankly..disturbingly bullish.


dow'60min

sp'60min

trans'60min

Summary

Primary trend remains UP. Its that simple.

The bears...are simply powerless.

I just can't see how we'll get any 'significant' pull back - greater than 2-3% in the short term, whilst the POMO program continues.

I refer anyone to the daily index charts from Aug'2010 to May'2011.

That trading period remains one of the most nightmarish, and yet..so few seem to be highlighting it. Have the bears forgotton so easily?
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Bit and pieces across the evening.

3pm update - toppy micro-cycles

Mr Market is again a little exhausted after hitting sp'1522, a level virtually no one foresaw a mere six weeks ago. The small 15/60min cycles do look kinda maxed out, there is easy room for a little downside to 1510 early Wednesday.


sp'60min

Summary

Not exactly exciting, is it?

No doubt, many are now sitting back, and waiting for his highness to issue some more proclamations later this evening. Perhaps..capital controls?

No. No yet...but they are coming.
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*still watching Silver..its had a good little intra-day bounce..