VIX unable to hold early gains

With a powerful latter day equity rally, the VIX was unable to hold early significant gains (intra high 16.28), settling -0.7% @ 13.61. However, near term outlook is for renewed equity weakness to the sp'2040s, which should equate to VIX 17/18s. The big 20 threshold looks out of range in the current cycle.


VIX'60min

VIX'daily3

Summary

A pretty wild day in the US markets.. with VIX leaping above key resistance of the mid 14s... maxing out at 16.28.. and then rapidly cooling to a late afternoon low of 13.45

Overall... the VIX looks to have merely seen another pull back (if a rather severe one).. and the 17/18s look viable within the near term.

The big 20 threshold though, still looks out of range in the current cycle.

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*yours truly exited VIX-long in the morning from 16.20... and is now re-long VIX from 14.42. Not surprisingly, I was early again on my latest entry, but overall, I'm content with being involved again from the 14s.

I would certainly be content with any pre-weekend exit >16.00, but that will clearly require the sp'2050s.

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more later... on the indexes

Closing Brief

US equities settled moderately mixed, sp +2pts @ 2086 (intra low 2052). The two leaders - Trans/R2K, settled lower by -0.5% and -0.2% respectively. Near term outlook is for renewed weakness, with a target of the sp'2040s and VIX 17/18s.


sp'60min

Summary

*new highs in the closing hour... sp'2089.. making for a 37pt hyper ramp from the morning low.
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... and another wacky day in the world's most twisted casino comes to a close.

Frankly.. I realise many will be utterly bemused at today's latter day ramp.. but then.. we saw some crazy action just this past Monday.

Broadly, nothing has changed, it remains a case of increasing weakness as seen on the bigger weekly/monthly cycles.

I realise some are seeking new index highs in the weeks ahead.. but I find that implausible.
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*I hold long-VIX overnight.. having earlier exited at 16.20... back in at 14.42.. seeking the 17/18s in the next cycle.

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more later... on the VIX

3pm update - bears washed out

US equities have somewhat bizarrely pushed back to almost break even, with the sp' ramping from 2052 to 2081, with VIX having cooled from 16.28 to 13.99. No doubt the bull maniacs will be calling for a key floor, with new highs 'due'.


sp'60min

VIX'60min

Summary

So..  a crazy ramp..  and I thought the 2070s were asomewhat bold call this morning.

Regardless, nothing in the bigger picture has changed. A day where the market broke a lower low, and with further technical damage on the bigger weekly cycles.

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*I will hold long-VIX overnight, and have little concern.
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3.29pm..  sp'2087... with VIX 13s....   'normal service resume' you could say.

Crazy.   So.. what the hell is driving this up.. other than a hyper-short stop cascade?
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