Anyways, that's what I think. Volatility has been drawing inexorably down for over a year, just as the market has been inexorably rising the last 9 months. Yet, I don't think that trend will continue. In fact I expect it to rise pretty dramatically in the not-too-distant future.
The VIX was putting on some serious positive divergence for a while, and I think the spike down a few weeks ago (while still maintaining positive divergence) was the end of the move. Here are my three longer term VIX charts:
