this from CNBC - Sunday, 1 Nov 2009 | 10:25 AM ET By: Patti Domm Executive Editor
"The reason the VIX popped so much is because of the out of the money put buying in the S and P 500," said Patrick Kernan of Cardinal Capital. "A level over 30 means people are panicked about this market being choppy over the next couple of weeks." The VIX rose 24 percent Friday to 30.69.
"The price to cover downside risk, meaning a break in the market, has gone up incredibly," he said. Kernan said the VIX is now implying a daily move of as much as 19 points in either direction.
