VIX still lacking any upside power

Despite the indexes seeing some weakness in the latter half of the day, the VIX only managed fractional gains, settling +0.2% @ 13.43. It is notable that the VIX broke into the 12s, with an intraday low of 12.92. Near term outlook is for the VIX to remain in the 14/11 zone.


VIX'60min

VIX'daily3

Summary

Suffice to say, even when the market does turn red..the VIX simply is still not displaying any real concern/fear.

The R2K/Nasdaq have regularly seen daily net declines of 1%, but still...the VIX remains very subdued..and is struggling just to hold the low teens.

Right now, the notion of VIX in the 20s seems fanciful, at best, the mid teens are viable on a very brief spike.
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more later..on the indexes

Closing Brief

Equities built gains across the morning, but slipped lower across the afternoon, sp -2pts @ 1875. The two leaders - Trans/R2K, settled u/c and -1.0% respectively - although it is notable that the Trans broke a new historic high of 7775. Near term outlook remains moderately bullish.


sp'60min

Summary

*for yours truly, it was an interesting day...bailed on RIG and SDRL at the open for sig' gains... but still holding a mixed trio of other stocks.
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Despite the afternoon weakness, I still can't take seriously the near term bearish case.

Yes, we still have very distinct weakness in the R2K/Nasdaq, but the other indexes  - Dow/SP/Trans are still generally battling higher. The fact the the trans broke a new historic high today should certainly be seen for what it is.... bullish.

As ever, how we close with the week will be important, equity bulls should be content with anything in the 1880s, along with Dow 16500s.
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more later...on the VIX

3pm update - messy afternoon

US equities are seeing some increasing weakness into the late afternoon, with the R2K remaining an especially weak spot, lower by around 1%. Despite the chop/weakness, the VIX is only marginally higher, +2% in the mid 13s.


sp'60min

R2K, daily

Summary

So...a bit of a choppy afternoon, but still...the broader upward trend is most certainly intact.
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*I remain long via CHK, DO, and STX, and will be seeking to drop at least one of the first two by the Friday close.

Regardless, today has been okay............updates into the close....


3.06pm.. RIG approaching next support of $41.50.... an intraday swing of 7%...so far....


3.08pm.. CNBC wheel on the ultimate contrarian... Gartman....who is turning bearish again, lol

Now the equity floor is in around 1871 ?  ;)
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3.16pm... Market starting to level out...and what is most notable.. the VIX which continues to lack any sig' upside kick. Equity bears just aren't seeing anything significant in the main indexes.

Sure the R2K is -1%..from earlier +0.8%, but overall ...the broader market is holding together.


3.22pm.. RIG -4.1%..a full $3 below my opening exit.....a test of the 50 day MA in the $41.30s looks imminent..or at the Friday open.

I will strongly consider picking up a small RIG-long block..at the Friday open..so long as it can hold the 50 day !


3.28pm.. market again trying to stabilise..although notable weakness still in many stocks...RIG, TSLA

RIG sure is a tempting target right now..but I will refrain...and see how it opens tomorrow.