It's my guess that volatility should decline for a few months now based on the divergence between the indices and the VIX. The VIX should be a lot higher right now given how much the indices have declined over the past week. When this divergence occurs, usually the final leg of the bear/correction is upon us. I'm not yet short volatility, but am preparing to go short soon, probably in the next month or two (with VXX).