VIX cools into the weekend

Despite the broader equity market settling moderately lower into the weekly close, the VIX settled -2.7% @ 13.40 (intra high 14.58). Near term outlook is for the sp'2040s, which should equate to VIX 16/17s. The big 20 threshold looks out of range in the current cycle.


VIX'60min

VIX'daily3

VIX'weekly

Summary

*a net weekly gain of 10.6%
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The closing hour saw the usual 'whack the VIX into the weekend' action... as equities managed to claw back above the 200dma.

Despite the net daily decline, the VIX does look set for higher levels early next week, as the Dow is set for the 17000 threshold.. along with sp'2040s.

*I hold long-VIX across the weekend.

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more later.. on the indexes

Closing Brief

US equities closed broadly weak, sp -5pts @ 2077. The two leaders - Trans/R2K, settled lower by -1.4% and -0.7% respectively. Near term outlook is for continued downside to Dow 17000, along with sp'2040s, and that should equate to VIX in the 16/17s. From there.. a bounce looks highly probable.


sp'60min

Summary

*closing hour certainly favoured the bulls, but still... it does little to negate the repeated rally failures this week.

Today saw a lower high.. and a lower low.. and that sure ain't bullish.
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... and another stomach churning week comes to a close.

Unquestionably, a week for the equity bears, despite repeated attempts by the bull maniacs to push higher.

Frankly, I'm tired.. and I shall leave it at that.

Have a good weekend

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*the usual bits and pieces across the evening to wrap up the week.

3pm update - net weekly declines

All US indexes are set for rather significant net weekly declines. With huge technical breaks all over the place, the near/mid term picture into Sept/Oct' is increasingly clear. Regardless of the exact close, it has been a week of repeated failed rally attempts by the bull maniacs.


sp'daily5

VIX'daily3

Summary

Suffice to note, a week where the market kept trying to rally... and failed.

In theory, there should be at least another wave lower in the closing hour.

I'd like to see a weekly close <sp'2070... but considering we were trading 2112 on Wednesday, I'll settle for anything right now.

*I will hold long-VIX and short-INTC across the weekend... seeking better exits.

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back at the close