The CBOE Volatility Index (.VIX), which tracks the implied volatility of S&P 500 Index (.SPX) options, is under pressure. SPX is up an impressive 25.5 points to 1,206 and has moved beyond a previous resistance level around 1,200. Meanwhile, VIX hit a low of 20.40 and was recently off 2.85 to 20.69. VIX is sometimes called the market's "fear gauge" because it tends to move higher during times of panic and anxiety on Wall Street. Today's weakness in the index reflects a decline in risk perceptions, which was triggered by a rebound in Europe's equity markets along with positive economic data in the US and China.
