Greetings!

First off, $SPX looks just plain dreadful to me and the target I have is approximately 1750.

$SPX  $SPX W  $SPX M

I still think, given the circumstances, that $VIX is quite low. A closing price of 27 on Friday just seems low to me but

that’s probably because Kevin Henry and Simon Potter at the NY Fed Trading Desk are desperately selling vol. I

understand vol pro’s may think looking at vol charts is nonsense but it’s the best I’ve got at the moment so I’m running

with it. $VIX’s weekly and monthly charts both look in a bullish posture to me, quite a marked one actually. The

quarterly chart screams a rising vol environment.

$VIX D  $VIX W  $VIX M  $VIX Q

In terms of UVXY, I have a H&S derived target from SVXY but I’m not happy with it – I think it could be significantly too low:

SVXY UVXY

I thought the monthly UVXY chart was interesting from a ‘$hits & giggles’ perspective:

UVXY W

If I have more time today (I almost definitely won’t), there’s more I have to say in terms of $VIX’s term structure going inverted again,

various divergences, credit cycle, (all courtesy of ZH), but I just wanted to get this out there for now.