Volatility still melting lower

With some of the equity indexes breaking new historic highs, it was no surprise to see the VIX melt lower again, settling -1.2% @ 12.37. Near term outlook is for the VIX to remain in a very tight range of 13/11. VIX 20s do not look viable until late Jan/Feb 2014.


VIX'60min

VIX'daily3

Summary

The price action/structure in the VIX is pretty incredible to see. Every little pop is whacked lower by the equity bulls almost every day.

Even the VIX 14s now look out of range in the next week or two, which is a bizarre thought.

Without question, VIX 20s seem near impossible (baring the moon landing in the pacific ocean) for the remainder of this year.

As the recent VIX 'optionmonster' videos (that I highlight at lunch time) have shown, the only interest in VIX is in Feb/March. Virtually none of the pro-traders are looking for volatility to increase for another 8-10 weeks.

more later..on the indexes

Closing Brief

Many of the main indexes closed at new highs, with the sp +8pts @ 1790. The two leaders - Trans/R2K, closed +0.3% and -0.1% respectively. Near term outlook is bullish, with a weekly close in the sp'1800s possible. VIX reflects an utterly fearless market in the 12s.


sp'60min

Summary

Another day for the bull maniacs.

If the micro-count on the hourly chart (which is based on my weekly8 chart) is correct, then we'll see 1800s...and some kind of very minor down wave in early December.

I realise to many out there, it still seems out of range, but the sp'2000s are very much viable by late spring. That is plenty of time, and allows for a few minor pull backs 2-5% along the way.

For those still shorting the indexes...I can only suggest...go stare at a monthly index chart for the rest of the evening.
--
more later..on the VIX

3pm update - monthly charts offering sp'1800s

The sp'500 is pushing for another closing high..this time in the 1790s. The bigger monthly charts are actually now offering the 1800s in the immediate term. Metals are moderately higher, with Gold +$11, and Silver +1.0%. VIX might close in the 11s today, if sp'1790s.


sp'monthly'2

Summary

*I'd not noticed until just now, the upper bol' on the monthly, broke into the 1800s today..so despite the daily and weekly cycles being somewhat over-stretched, the monthly charts are in fact offering a brief foray into the 1800s.
-

So..the Yellen is out of the way, and the market can get on with further algo-bot meltup.
-

There remains some rather bizarre talk of an FOMC QE-taper in December, but to me, that is beyond stupid.

There will be no policy changes until Bernanke has sailed off into the sunset..and Yellen settles down into her new chair in the printer room.  At earliest, slight QE cut in Feb/March..but hey...they were saying that this past February.
-

Notable strength in AMZN, NFLX, TWTR


3.54pm.. a close in the 1790s?   Not that it matters. Little reason why tomorrow won't be higher also. Urghh