Tech Note
VIX measures the demand for protective puts on the stock market.  As the VIX moves up, the assumption is that there is more uncertainty in the market, as traders are buying more protective options.
A double-top has formed in the VIX chart, shown above.  A double top occurs when a quick move up sells off a little, then attempts to rally back through the previous high.  The VIX chart shows this formation, but has backed off from 80, on a closing basis, down to 64.7.  According to technical analysis, which I use a lot, if the VIX breaks below the 48 level, it will likely continue lower.
Watch the VIX for a close below 48 for confirmation that it is going lower.  This would be very bullish for stocks, and could signal a good entry into equities.
Dan Grill