Volatility melts into the weekend

With the main indexes closing with moderate gains, the VIX melted lower into the weekend, settling -0.8% @ 13.09. Across the week, the VIX gained 0.4%. It would seem the VIX will remain in the low/mid teens for the remainder of the year.


VIX'60min

VIX'daily3

VIX'weekly

Summary

A very quiet week for the VIX, remaining itself in a very narrow range, mostly in the 13s, with a brief spike into the low 14s.

VIX breaking back into the 20s looks very difficult in the remainder of the year.
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more later..on the indexes

Closing Brief

The main indexes closed moderately higher, with the sp +7pts @ 1759. The two leaders - Trans/R2K, closed -0.2% and -0.1% respectively. Further upside looks very likely next week, with the 1800s most certainly viable in November.


sp'60min

Summary

*as I feared, a nasty little micro-spike higher into the close, although just shy of the 1760s.
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Another week for the equity bulls, and for the few remaining bears out there, this remains a market to simple stay clear of.

Have a good weekend
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*next main post, late Saturday, on the US weekly indexes

3pm update - closing the week on a micro high?

The sp' is hovering just 3pts shy of breaking a new high. Will the market spite the bears into the weekly close, with a break into the 1760s? Regardless of whether we close in the 1760s, or 50s, this was the third consecutive weekly gain, and sp'1646 now looks a very long way down.


sp'weekly8

Summary

Unquestionably, the trend remains very much to the upside.

There is zero sign of a levelling/turn phase, and bulls look likely to claw into the 1760/70s next week..perhaps even higher if the market likes what the FOMC have to say.
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There will certainly be opportunity for a turn on the weekly cycles by mid-November, but based on previous cycles, we look more likely to just keep crawling higher into mid December, before year end profit taking.

Transports is trying for a weekly close in the 7000s...

The monthly chart shows the most powerful bullish candle since January. Near term upside remains 7200/7300.
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3.30pm....interesting chat on clown finance TV, even featuring Greenspan..urghh.

Every Friday afternoon, CNBC usually wheel out a doomer bear. I'm not sure what their game is here, but whatever it is..its laughable.

How is it no one is open to 1800s within the next week or two? We're only talking about another 3-4% higher, which is easily done across 2-3 weeks.


3.47pm..as I feared..Mr Market wants to spite the bears into the close...urghhh

3.58pm...well, almost the 1760s...nasty market!