For the second week in a row, the VIX notched its lowest weekly close since 2/27, ending the week at 12.07, down slightly from a close of 12.20 the previous week.
The lack of movement in the VIX has dropped the bullish bias in the VIX Weekly Sentiment Indicator (VWSI) from a +3 level last week to the current reading of +1. At this stage of the game, it would take a sub-11 reading in the coming week for me to see a risk/reward profile favorable enough to consider opening a long position in the VIX.
(Note that in the above temperature gauge, the "bullish" and "bearish" labels apply to the VIX, not to the broader markets, which are usually negatively correlated with the VIX.)
Wine pairing: Last month I talked about two dry gewurztraminers from