Volatility continues to increase

Unlike Tuesday, the US equity market failed to see a latter day rally, and that allowed the VIX to build very strong gains, settling +24.4% @ 18.53. There looks to be high probability of a test of the 20 threshold. Best 'fair case' for the equity bears...VIX 22, with sp'1980.


VIX'daily3

VIX, weekly

Summary

*a very notable third consecutive daily gain for the VIX
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So.. we've hit the first target zone of 17/18s, and today's daily close in the mid 18s does keep open a 'small' chance of the secondary zone of 22/25 being hit. That latter zone is a very clear price gap from the turn in mid October.
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VIX bulls need to be very mindful of next weeks FOMC. Whether the VIX is 20, 21, 22.. or even a little higher, what is clear, the appearance of the Yellen will very likely mark a key turn.
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more later.. on the indexes

Closing Brief

US equities saw increasing weakness, with the sp' -33pts @ 2026 (intra low 2024). The two leaders - Trans/R2K settled lower by a significant -1.4% and -2.2% respectively. Near term outlook is for sp'2000/1980, along with VIX 20/22.


sp'60min

Summary

Certainly, at least today did not see a repeat of the nonsense that was yesterday afternoon.

So many extreme individual stock moves... almost impossible to decide which to highlight, but more on that later....
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A full set of updates across the evening :)

3pm update - the bull maniacs are absent

Unlike yesterday, there is no 'stupid bounce', with the sp' breaking a new cycle low of 2027, set for 2020/15 early Thursday. VIX is powering higher... already in the 18s.. with the low 20s now a given. Oil remains in collapse mode, -4.2%. Metals/miners are starting to slip, Gold -$2


sp'60min

vix'daily3

Summary

A somewhat amusing day.. after yesterday's annoyance.

To those bravely shorting.. congrats.. .. but the FOMC clock is ticking.

Once Yellen appears... bears...beware!
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*notable weakness...

There are so many extreme down moves today... so hard to even decide...

see... BTU -9%.. RIG, SDRL, TCK, CHK
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Notable resilience... financials... retail.