Perhaps the VIX is confirming that we are having an orderly exit from stocks.  The most recent declines have been accompanied by strong daily volume which is always an indication of a persistant trend.  Meanwhile money flow from the SPX has been trending down since last Oct and is now negative meaning that money is now leaving the stock market, rather than just not coming in as fast.  The stock market will probably hit a point where prices level off and the oversold conditions work themselves out, but I see no reason at this point to cover any shorts.   This opinion is valid while the market is closed.

uh