VIX resumes cooling mode

With equities closing significantly higher, sp +48pts @ 1969, the VIX was naturally on the slide, settling -10.4% @ 24.90. Near term outlook is for continued equity upside, and that should equate to VIX at the 20 threshold... if not the teens by next week's FOMC.


VIX'60min

VIX'daily3
 

 Summary

Little to add 

The VIX has resumed lower, with a bearish MACD cross on the daily cycle. At minimum, VIX is set to remain subdued into early next week. Naturally, there will be a tendency for some market concern into the FOMC meeting. VIX looks set for the teens.. if briefly, at some point next week.

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more later... on the indexes

Closing Brief

US equities closed significantly higher, sp +48pts at 1969. The two leaders - Trans/R2K, settled higher by 2.8% and 2.2% respectively. Near term outlook is for continued upside to at least the 2000/2010, but with 'best bull case' of 2050/70 zone.


sp'60min

Summary

Little to add.

A clear day for the bull maniacs, and regardless of any minor down waves tomorrow.. or this week... market looks headed higher into FOMC week.

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*I'm on the sidelines overnight, will consider long-DIS.. or long-USO tomorrow morning.
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more later... on the VIX

3pm update - bears being ground to dust

US equities are seeing some notable renewed upside, as Mr Market is no doubt intent on grinding the equity bears OUT.. ahead of next Thursday's FOMC. Primary upside is the sp'2000/2010 zone... but there is almost equally high probability of the 2050/70 zone before things unravel.


sp'daily5

sp'weekly2

Summary

*note the blue candle. A back test of the broken trend would offer 2050 or so next week.
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Suffice to note.. eyes on the daily/weekly cycles, both of which are clarifying short term upside into the latter half of next week.
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*I will be on the sidelines overnight.. as my target on DIS not hit, and I am not in the mood to chase it higher.

I am considering a long Oil (via USO) trade, but not until tomorrow morning. Price structure is bullish into next week, at least to the $50 threshold.
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back at the close