VIX: Hum...

The VIX hit a 3 Month high today and closed just under 25, but it's at the top of our range that we've been watching for the last view months. Our contention is that the VIX should stay in this range for a while. However, the market can do what ever it wants.

What does this mean?

We're at a pivotal juncture again where the SPX could just as easily crack down to new lows OR it could put together a relief rally to the upside. If the VIX continues to creep up as it's been doing for the last few weeks then the bears may get their next leg down. I'm prepared for both and would not be surprised either way. Keep your eyes on the price action.

VIX Daily Chart: