Always analyzing the market: Some things just not adding up in favor of a continued market decline if the VIX is indeed being utilized as it has been for institutional fund managers and individual investors hedging risk. On average there are 256 trading days in a year, so when the VIX is at 16 (started the day), the square root of 256, the market is predicting a 1% move in either direction. This is just the way the equation works. So while the VIX did climb to a high of 21.94 during the day, it should have been in the low to mid-40s. This would be inline with the SPX which fell more than 3% drop. So either the VIX participation has changed or further declines may be very limited or there is a great deal more VIX participation that is needed.