Volatility still melting lower

With the equity market largely trading sideways on near zero trading volume, the VIX merely declined a little further. The VIX closed -3.5% @ 13.06  It still seems likely to be some weeks, even a few months until VIX is back above the key 20 threshold.


VIX'60min

VIX'daily3

Summary

If sp' can get stuck next week in the 1550/60s..then VIX 12s - but perhaps holding above the 12.08 low....and then it will probably be time to consider getting bearish for a multi-week down cycle.
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More later ...on the indexes

Closing Brief

A very dull Thursday, where we again saw a little of the usual latter day algo-bot melt higher.  For the bears, this sort of day just makes this market nothing less than a nightmare. For the bulls..the closing gains sets up a gap straight into the 1550/60s tomorrow morning.


sp'60min

Summary

It looks like we're already seeing the bull flag confirmed..and a move into the 1550/60s looks very likely tomorrow.

I continue to see VERY disparate outlooks. Everything from sp'2500 to sp'500.

Anyway, lets see how we open tomorrow, as they say..one day at a time.
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*I merely holding Silver (long) overnight.
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the usual things..later.

3pm update - chop into the close

There is no reason why market is going to do much in this closing hour. What it does do, is give everyone a chance to position ahead of the jobs data. Bulls should look for VIX to spike lower into the close in the 12s. Dollar remains a little weak.


sp'60min

Summary

Not much going on is there?



Hourly MACD cycle is pretty low now, plenty of potential for another stupid 12/15pts on the upside.
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*I'll hold silver -via SLV, overnight..still looking for low 29s.

back after the close