The VIX reflects danger and optimism ... and it also referred to as the "Fear Index".

We have just come through some concerning market action, and the question now is: "Is it over"?

This morning, we posted a chart of the VIX from last Friday's close. The above question was: "Is it over"?

When you look at the chart, you can see that the VIX has moved lower (since it is inverse to the market that is good), but it has not closed its gap yet and it remains between the red dashed line and the thick red line. Unfortunately, more work that needs to be done ... because that described area is showing improvement but it still has to be labeled as a lesser "negative" territory.