VIX sharply lower on the week

With equities rebounding from a Monday low of sp'1980 to a Fri' high of 2072, the VIX saw broad weakness across the week, settling +2.6% @ 17.29 (intra low 16.06). Across the week, the VIX declined by a very significant -17.5%.


VIX'daily3

VIX'weekly

Summary

The last nine trading weeks have been the most volatile in the VIX since autumn 2011.

Even though the VIX closed below the key 20 threshold, there is arguably an underlying upward pressure... more recently 'inspired' by renewed concerns about Greece.


Can VIX spike into the 30s.. or even 40s?

It remains the big unknown in the near term... not least ahead of the ECB QE-pomo program for the EU.

If the equity bulls can break the Dec' high of Dow 18103.. along with sp'2093... then VIX will melt to the low teens.. or even a little lower.  Seasonally, the next best opportunity for the equity bears will be from late April-June. Until then.. things will likely remain somewhat 'relatively' subdued'.

*as things are, I have ZERO interest in being long the VIX in the immediate term.

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more later... on the indexes

Closing Brief

US equities saw some moderate weakness into the close on yet another 'spooky' Greek news report, sp -7pts @ 2055 (intra high 2072). The two leaders - Trans/R2K, settled lower by -0.4% and 0.3% respectively. Near term outlook is broadly bullish.


sp'60min

Summary

*a somewhat weak closing hour, but overall, the net weekly gains are VERY powerful, and do not favour the bears next week.
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Regardless of the weak close, the bull maniacs did manage a clear break of key resistance of sp'2064... along with another daily close above the 50dma.

Been an interesting..  somewhat profitable, and certainly.. entertaining week...........

Have a good weekend!
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*the usual bits and pieces across the evening.. to wrap up the week!

3pm update - a powerful week for the bull maniacs

US equities look set for minor chop into the weekend. What is far more important though, the sp'500 is set for a net weekly gain of around 3%. Metals remain weak, Gold -$33, whilst Oil is holding gains of 1.8%.


sp'60min

Summary

So... a little chop this afternoon... but more than anything... a HUGE net weekly gain... and the Monday morning low of sp'1980 is now a full 4% lower.
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Notable weakness, miners, the ETF of GDX -5.2% 

GDX, daily

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back at the close... to wrap up the week... unless the ECB open their mouth before then!