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For quite some time now, the VIX has been nearly unbearable to watch - stuck in a range that had it between 12 and 15. Any time the lower 12s were tested, you could be sure the market would have a quick 1-2% sell-off. And any time the downtrend off of the October highs was tested, the bulls would faithfully buy the dip in the broader market.
But Monday was something quite different. There was developing another short-term resistance level that the VIX bulls were unable to push through, and when it was tested the equity bulls quickly bought everything up. That meant nothing to the VIX on Monday though, as price gapped above that short-term resistance level of 15.35 and instead rallied all the way as high as 19.50 and closed at 18.85 - the 10th biggest move by the VIX since 1990.
Monday was undoubtedly a game changer in the VIX and I suspect that it is not done going up quite yet. There is a good chance that it continues to push into the 20s and perhaps as high as 25 or so, before it starts any significant decline back down.
Here's my VIX analysis:
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