Volatility jumps

With the Cyprus event giving the indexes the excuse to sell lower, the VIX spiked 20% higher at the open..yet faded across the day. The closing hour action was for a strong VIX, but it put in a lower high, closing +18.2% @ 13.36. VIX 11s seem viable Wed/Thursday


VIX'60min

VIX'daily3

Summary

My index outlook is for sp'1575/80 by late Wed/Thursday, If that is the case, then we should see the VIX back in the 11s.

However, the key issue would be to look for a higher VIX low, whilst the indexes put in another higher high.

So..near term down....latter part of the week..opportunity for a mini VIX explosion into the 15/17s.

more later..on the indexes.