VIX expectations

The Chicago Board Options Exchange Volatility index, or VIX, has been steadily declining in the last few weeks, after hitting a closing peak of 80.86 on November 20.

“My concern now is that risk expectations for the longer term are not coming down,” says Mr. McCarty. “Longer-term risk expectations are going to remain high — and it’s going to remain difficult for the market to make significant headway in light of that.”

http://blogs.wsj.com/marketbeat/2008/12/16/panic-recedes-leaving-just-anxiety/