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While Wall Street is trying to figure out if they can squeeze an up day out of the shorts into the long weekend, let's try managing risk proactively ahead of everyone coming back to work on Monday.

Volatility, measured by the VIX, is one of the few charts, next to that of Gold, that I write about objectively in the context of a resoundingly bullish formation.

The only good thing about the VIX selling off -5% so far today, is that today is going to end soon. Doubting the "Bear" is setting the VIX up to make higher lows and higher highs.

I have a near term price target of 26.12 for the VIX, and remain comfortable with my call that the 31-32 level is coming to a theatre near you this summer.

KM

(chart courtesy of stockcharts.com)