VIX lower for a fifth day

With equities closing higher for the fifth day of six, the VIX settled lower for the fifth consecutive day, -8.5% @ 12.11 (intra low 11.87). Near term outlook offers an equity retrace to the 2090/80 zone, which should equate to VIX briefly in the 15s, 16s look increasingly difficult.


VIX'60min

VIX'daily3

Summary

Pretty incredible to see the VIX having been crushed from a high of 20.05 last Thursday afternoon, to the 11s.

This market sure can get super complacent extremely quickly.

Best guess... a moderate VIX pop to the gap zone.. at least to 14.75/15.25. The big 20 threshold looks out of range until late August.
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more later..on the indexes

Closing Brief

US equities closed broadly higher, sp +16pts @ 2124. The two leaders - Trans/R2K, settled higher by 0.2% and 0.7% respectively. Near term outlook offers a retrace to the 2095/90 zone, with the micro gap around 2080 looking somewhat difficult. Broader upside into early August remains probable.


sp'60min

Summary

*closing hour, a lot of minor chop, but with a fractional new cycle high.
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Well, despite the market having closed, the Yellen continues, and will probably last another hour.

Interesting to hear Yellen claim Fed policy is not beholden to the equity market, yeah.. sure.
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Price structure is not offering the equity bears anything much for tomorrow. Market looks set to close the week above the 2100 threshold, and that bodes well for broad upside into early August.

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more later... on the VIX

3pm update - the closing hour, minus the Greeks

US equities are set to close higher for the 5th day of 6, with the sp'500 having ramped from 2044 to a new cycle high of 2123. VIX remains extremely subdued, -9% in the upper 11s...an extreme -28.9% lower so far this week. Metals remain weak, Gold -$4, with Silver -0.5%


sp'60min

VIX'weekly

Summary

Well, unlike yesterday, there are no Greeks on the rampage, and the market looks set to comfortably close in the 2115/25 zone.

With things as they are.. its not a setup that particularly favours the bears tomorrow.

*I remain holding a small VIX-long position. I suppose things could be worse, I could have been heavy short NFLX.
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Unless Yellen says something stupid about interest rates...  I will merely be back at the close.