Despite $122 oil, fear in the market is at a 4 month low.
We are patiently waiting to see if this is sustainable or if we're just one news story away from a big fall. The VIX level is precarious when compared to lows on the yearly chart below.
It doesn't have a history of hanging out at the lows, quite the contrary.
CBOE $VIX Daily Chart:
Tuesday, May 6, 2008
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