Is the Catharsis Yet to Come?

"The problem is that aside from the VIX, several other pieces of evidence aren’t entirely convincing. The first is the odd behavior of the market itself. On Thursday, the day of great panic, according to the VIX, the market rallied toward the latter part of the day, helping to propel major stock indexes up for the entire week. Yet the market declined again late on Friday. There doesn’t seem to be a clear pattern in these movements."