VIX a little higher

With US equity indexes opening moderately lower on an adverse geo-pol' event in Belgium, the VIX opened higher to 14.76. Yet, the VIX then cooled, breaking an intra low of 13.75, but settling +2.8% @ 14.17. Near term outlook threatens further equity upside to the sp'2060/80 zone, and that might equate to VIX briefly in the 12s.


VIX'60min

VIX'daily3

Summary

Little to add.

The VIX remains broadly subdued, now firmly stuck in the low teens.. whilst equities continue to claw their way  upward.

For the moment, there is little reason to expect the VIX to hit the key 20 threshold until the end of next week at the very earliest.

VIX 30s look out of range until the latter half of April.

--
more later... on the VIX

Closing Brief

US equity indexes closed moderately mixed, sp -1pt @ 2049. The two leaders - Trans/R2K, settled lower by -0.8% and -0.1% respectively. Near term outlook offers further upside to the sp'2060/80 zone, not least if WTIC Oil can see a brief surge to the $43/44s. In the next down wave, first soft target will be the 50dma.


sp'60min

Summary

Closing hour action: micro chop... offering no sign that the equity bears have any realistic hope of sustained downside until higher levels are first hit.
--

So.. aside from the 'news', it was a pretty subdued day, but then, with a 3 day holiday weekend ahead, that is to be expected.

Frankly, current price action remains very bullish, and for many.. it is arguably a case of 'turn ya screen off, come back next Monday'.

.. and I realise that is not what some of you want to hear.

--
more later... on the VIX

3pm update - spring sunset

US equities are set to close marginally higher, having already broken a new cycle high of sp'2056, which is a monstrous 246pts (13.6%) above the Feb'11th low of 1810. Current price action continues to offer further upside, not least if Oil can see another surge (if unsustainable) to the $43/44s.


sp'daily5

Nasdaq comp', daily

Summary

*Nasdaq looks on track to at least test the 4900 threshold. I realise will then tout 5K.. and new historic highs, but considering 'everything'.. the latter looks extremely difficult.
--

Oil continues to be a primary driver for the equity market, and it should be clear that last week's break above the $40 threshold, offers further upside to the 43/44s.. which IS viable tomorrow.

Of course, the underlying issue of over-supply remains entirely unresolved, and I remain of the view that $26.05 was not a key multi-year low.
--

As for equities, daily upper bollinger is now in the 2070s, so.. the window is open to further upside.

--
Here in London city...

To the east.. an almost full moon, with a Lunar eclipse tomorrow.

Summer is coming, and it won't be dull.
--

back at the close