Volatility on the S&P is nowhere to be seen these days - perhaps the market crash was merely a figment of our imaginations!
(Source: Yahoo Finance)
As you can see from our experience in 2008, when the VIX breaks out, it breaks out in a big way. So a breakout on the VIX would be a good cue for us to start slamming the PANIC button as hard as humanly possible.
But for now, all is calm in the markets, as February's drop now looks like a pebble tossed in the pond in hindsight.
The VIX could continue to head lower - who knows - but one would have to expect a spike in our future again sooner rather than later.