After gulf war I, in Jan 1991, it went below 20, and never closed above on a monthly bar until 1996. And then it went up throughout the biggest bull move in history. I posted a few days ago here about that. Vix is for the dealers to offset specialized risk. In certain markets, the demand is not there. If you want a volatility indicator, calculate standard deviation of price- thats what the option dealers do.
PS, this has nothing to do with what I think of the market. We could go down here and vix will still drop over time.
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