S&P500 CPC & VIX Sentiment Indicators (VLT) Jan 1994 - Dec 2003
VIX can sure go low for a long period of time. What stands out to me is the bears were looking for a major capitulation spike in VIX to 50 or even 75 in early 2003 and what I think they missed is the capitulation was more of a long, drawn out integration process so the peak was less, but the duration was long and so the total money "capitulated" is rather large.
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