The highly watched CBOE Volatility Index, the VIX or the Fear Index, blew through 30 over recent days faster than one could imagine. Historically 30 is the recent historic level where even the bears have decided to lighten up. Sometimes it is for a bear market bounce and sometimes for more. Yesterday it had reached a high of 36.40. This morning the VIX crossed above 40 and briefly went north of 42.00. Even after the current rally we have seen we are still slightly above 40.00 on the VIX. A market being oversold is no refuge for long-term and near-term issues, but that doesn’t keep traders from trying to make a living. 
Jon C. Ogg
September 18, 2008
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