Volatility Index ($VIX)

After a historic rise on the volatility index [$VIX] it has subsided and now appears to be in the "normal" range. Most traders view the $VIX asa FEAR guage...when it just really measures the range the $SPX trades in. Traders have calmed down now and don't expect the $SPX to have 500 point intraday swings. Stll other indicator point to further selling on the $SPX.