Zev, from '91 to late '96 VIX exceeded 20 only 4 times and then only slightly. Chart of VIX with Nasdaq... <A HREF="http://www.investorshub.com/boards/read_msg.asp?message_id=1251314" target="_new">http://www.investorshub.com/boards/read_msg.asp?message_id=1251314</A> I think we should not compare to bear market VIX. Gottfried