Considering the oversold nature of the short term indicator and the late day comeback rally, we may get a bounce rally these last two days of December.
Things are not looking good for 2013 considering the large negative divergences in both of these charts and the macro-economic headwinds. However, we are still in the seasonally strong part of the year until March / April. VIX has broken out of the pattern I pointed out two weeks ago.
As the Fed continues its QEInfinity program, we are still experiencing monetary supply hyperinflation as the Fed monetizes the entire US Govt deficit. The only question is what assets the new money leaks into.