Bob: This information page from the CBOE Web site introduces the VIX and VXN and also gives some historical charts which may help you determine "extreme" levels of complacency and fear. <A HREF="http://www.cboe.com/LearnCenter/workbench/volatility/intro.htm" target="_new">http://www.cboe.com/LearnCenter/workbench/volatility/intro.htm</A>