low volatility index

Even as stocks finished near session lows and approaching the lows set in August during the early stages of the credit crisis, you don't get the same sense of panic -- at least, not if it you use the VIX as any measure.

As I've noted recently, even as volatility rises, the VIX has barely budged. Today was no different; the "fear" gauge inched up a scant 1.7% to 23.40. That's not the kind of action you'd expect on a day that the S&P 500 Index dropped 2.5% to its lowest close in nine months. Despite that, the VIX is some 30% below the peak level of 37 hit during the August low

The Street