Volatility, measured by the VIX, is one of the few charts, next to that of Gold, that I write about objectively in the context of a resoundingly bullish formation.
The only good thing about the VIX selling off -5% so far today, is that today is going to end soon. Doubting the "Bear" is setting the VIX up to make higher lows and higher highs.
I have a near term price target of 26.12 for the VIX, and remain comfortable with my call that the 31-32 level is coming to a theatre near you this summer.
(chart courtesy of stockcharts.com)