From late March through mid-June, equity markets were fast asleep, and volatility was non-existent.  The VIX volatility index (also known as the “Fear Gauge”) had dipped down into the 12s, and it was a snooze-fest on trading floors.  At the end of June, though, Greek debt problems popped up in the headlines again, and then China’s stock market decided to collapse.  For a couple of weeks there, the bears came out of hiding, and volatility spiked.  As shown in the chart below, the VIX index rallied up to 20 in a very short period of time.

But in even less time than it took to get up to 20, the VIX has moved back down, and as of today it’s at a new 2015 low!  Talk about a quick turnaround.

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