Subscribers are familiar with the above headline. I don't think its time to be stepping in front of the locomotive yet as this indicator has yet to reach a level that spells of excessive put buying. One area to look for a buying opportunity is to see this indicator move above the 32 level and then reverse back below that level. That would be a put "overbought"
Market Volatility Index (VIX.X) Chart - daily
This chart has to climb about 2.5 before I'm going to even start thinking about buying. With the Dow and Nasdaq continuing to fall late in the day, I'll practice patience until the VIX gives me a clue.