Yet another daily decline for the VIX

Volatility declined for the 7th day of 8, settling -0.9% @ 12.21 (intra low 11.91). Near term outlook is for VIX to remain relatively subdued. Even if the market is briefly spooked post Jackson Hole (Friday), VIX is unlikely to break any higher than the mid 15s.


VIX'daily3

Summary

Little to add.

VIX is certainly low, but could remain in the sub teens for some days to come.

At best, equity bears might see VIX 15s.. if sp'1950/45 zone early next week, but there is low confidence in such a scenario.

On no outlook do I have any interest in being long the VIX for at least another month.
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more later..on the indexes

Closing Brief

US equity indexes climbed for the sixth of eight trading days, sp +9pts @ 1981. The two leaders - Trans/R2K, settled higher by 0.1% and 0.3% respectively. Near term outlook offers the 1995/2000 zone, before some degree of post FOMC (or Friday Jackson Hole) downside.


sp'60min

Summary

There is little to add on what was a rather typical day of low volume algo-bot melt.

It is truly tiresome..and for many, this is not even a market worth watching.

*I am content on the sidelines, with zero interest in chasing the market higher at these levels. 
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more later.. on the VIX

3pm update - renewed upward melt

US equity indexes see a further micro wave to the upside, with the sp +10pts @ 1982.. a mere 9pts shy of the 1991 historic high. The upward channel from Aug'7, offers the 1995/2000 zone for Wed' afternoon.


sp'60min

Summary

So...a few more points higher...and we're now getting damn close to breaking new highs.
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Equity bears have little hope until at least tomorrow's FOMC minutes (2pm). A more viable 'downside break' appears possible with Yellen on Friday morning.

Problem is of course... the next down wave might be starting from 2000... rather than 1980.

Right now...1950/45 zone seems the very best downside case... post Yellen...early next week.

On ANY basis..this is no market to be shorting.

*I am content on the sidelines...and would only consider a long in the 1960/50 zone... but that seems unlikely until next week...if at all.
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Notable strength: coal miners, BTU +3.0%
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3.26pm... it remains tedious. Micro cycles offer 1980/78... but..its all noise...and nothing for the bears to get interested in.

back at the close....