VIX naturally cooling

With equity indexes closing significantly higher, the VIX was naturally back in cooling mode, settling -9.0% @ 14.67. Near term outlook offers the sp'2115/20 zone, and that will likely equate to VIX 13/12s. If sp'2150/70 by mid Dec', a brief spike to the VIX 20 threshold is subsequently viable before year end.


VIX'60min

VIX'daily3

Summary

Suffice to note... VIX remains broadly very subdued.

There is a scenario in that perhaps the market will reach 2150/70 at the time of the next FOMC, and then see a brief sell down.

Broadly, equities look on track for continued strength into early 2016.
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*As things are, I have ZERO interest in being long VIX until spring 2016.. at the earliest.
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more later... on the indexes

Closing Brief

US equity indexes closed significantly higher, sp +22pts @ 2102. The two leaders - Trans/R2K, settled higher by 1.3% and 0.5% respectively. Near term outlook offers the sp'2115/20 zone, with a broader target of 2150/70 by year end.


sp'60min

Summary

*closing hour action: renewed upside... with a clear short-stop cascade as the sp'2100 threshold was breached.
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So.. we've broken out of the trading range that lasted for a week.

Now it seems just a matter of when we trade into the 2115/20 zone.. and whether the market gets stuck... or just keeps pushing higher.

With price action/structure as it is, a straight run to 2150/70 by the FOMC of Dec'16th looks entirely possible.

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more later... on the VIX

3pm update - almost there

US equities are making yet another push for the sp'2100 threshold. Whether achieved into the close.. or early tomorrow.. from there, target is 2115/20 zone.... with a broader target of 2150/70 by year end. Oil continues to hold support (just)... +0.1%.


sp'daily5

Summary

Little to add.

A day for the equity bulls.. although yes... not as clear cut as the daily candles might suggest.

Broadly... we're still headed higher.

*Riley is still gunning for the 2200s by year end...a bold target,  but IS within range... assuming the Fed don't back off... again.
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back at the close