Volatility climbs into the weekend

With equities falling into the Friday close, the VIX climbed higher for the fifth consecutive day, settling +5.0% @ 21.08 (intra spike high 23.06). Near term outlook is for a key equity floor around sp'2000, with the VIX cooling into year end.. and beyond.


VIX'60min

VIX'daily3

VIX'weekly

Summary

*across the week, the VIX gained an immense 78.3%.. perhaps the largest net weekly gain EVER.
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So.. the VIX not only broke the key 20 threshold, but managed a weekly close in the 20s. This is somewhat unexpected, but in any 'reasonable' outlook, the VIX is close to a key cycle high.

I simply can't envision equity declines sustainably below the sp'2000 threshold.
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more later.... on the indexes

Closing Brief

The week ended with some rather significant declines, sp -33pts @ 2002. The two leaders - Trans/R2K, settled lower by -1.0% and -1.2% respectively. Outlook is that market is about to form a key floor around sp'2000.. and then up to the 2100s... and beyond.


sp'60min

Summary

Well, my closing hour targets were met.. not least with Dow -300pts and VIX 22s, which was especially pleasing to see.

Mr Market has given the bull maniacs a good scare into the weekend ;)
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Have a good weekend everyone.
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*A full set of closing updates to wrap up the week!

3pm update - weakness into the weekend

US equities look set for continued weakness into the close. A daily close in the sp'2010/00 zone looks very viable, along with VIX 22/23s. Oil remains crushed...settling the weak -3% in the $57s.. a short term floor is 'almost' in. Metals are melting lower, Gold -$3


sp'daily5

Summary

Its been a long.. but rather interesting week...

Lets see if the bears can break a new low in the closing hour...

Best guess... sp'2008/06.. with Dow -290/310pts.... along with VIX 22s
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3.21pm.. Dpw -204pts... hmm... still time for another sig' wave lower...

Anyway... holding to prime target of sp'2000.. where there multiple aspects of support.