The CBOE Volatility Index closed today at just barely above 30 (30.24), falling almost 3 points from Friday’s close of 33.12, and is now more than 50 points below the November highs that were above 80.
According to Yale Professor Ian Ayres at the Freakonomics Blog on December 24, 2008: “When it (the VIX) drops below 30%, it will be a strong indication that the market correction is complete and we’re back to business as usual.”
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