I edited yesterday’s post on the VIX because I had 15 on the brain. VIX rose 15% yesterday, but that is not the current VIX. At present VIX is 25. A VIX of 25 implies a change in the S&P (up or down) of about 7% in the next 30-days. That may explain why some pundits are calling for the correction to be 15% (down to the 200-day moving average).
