VIX crushed lower

With equities breaking into the sp'2120s, the VIX was crushed lower (intra low 12.54), but settling -9.0% @ 13.19. Near term outlook is uncertain, with threat of another minor wave higher to sp'2135/40... or if the Greeks upset the market cart.. then a break <2072... probably equating to VIX 16/17s.


VIX'60min

VIX'daily3

Summary

Not surprisingly, the VIX has fallen to the price gap zone (see 60min cycle), but kept on going to the mid 12s.

Considering the ongoing.. and building Greek situation, VIX 13s is clearly a gross mis-pricing.

A move to VIX 16/17s looks viable in the immediate term, although 20s look difficult until a Greek default occurs.

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more later... on the indexes

Closing Brief

US equities closed broadly higher, sp +20pts @ 2121 (intra high 2126). The two leaders - Trans/R2K, settled higher by 1.5% and 1.3% respectively. Near term outlook remains uncertain, with the threat of a move to 2135/40... or weakness to break the double floor of 2072. Certainly.. the 'Greek situation' will be a key determinate.


sp'60min

Summary

*closing hour was mostly minor chop... notably unable to break above the earlier high of sp'2126.
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A day for the equity bulls, but on what I believe was naturally light trading vol'. More likely a case of bears short-stopped from 2100 to 2120s than anything.

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*I hold short INTC overnight.. and would be content to hold across the weekend. Regardless of the Greeks, price structure is what it is.. and I see a bear flag within a H/S formation.
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more later... on the VIX

3pm update - net daily gains

US equities are set for net daily gains, with the sp'500 +21pts @ 2122. The VIX is offering a near term floor of 12.54.. having already rebounded to 13.12. Metals are holding sig' gains, Gold +$14.


sp'60min

Summary

*with price action as it is... am increasingly tempted to short the market via INTC.

Am waiting for the micro 5min cycle to max out.. then its time to start hitting buttons I think

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stay tuned.. into the close...
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2.54pm.. standing by... $32.45....


2.59pm.. I am SHORT INTC from 32.44 (with sp'2122) will be more than content to hold into next week.
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3.07pm. The hourly cycle will be offering a bearish MACD cross by late tomorrow....   a case of 'rats selling into the weekend' could be rather entertaining... and profitable.


3.13pm... sp'2121.    Equity bears should be battling for a daily close <2118... its not exactly expecting too much, considering the Greek uncertainty.


3.37pm.. chop chop... still under the earlier high of 2126.

notable weakness; oil/gas drillers, RIG -2.7%, SDRL -3.6%.... daily charts look real ugly.


3.42pm... sp' 2122...  interesting day.. back at the close