The VIX, or Volatility index reached a historic high this week, spiking at 76.94 on Friday. It basically measures the expected volatility of the S&P 500 index. Low values imply smooth sailing while high values reflect fear or panic.

A look on the all time chart reveals that we are in unprecedented panic mode these days:

Even during the 9/11 selloff the vix only reached about 44, and now we are at 70! This means we are either close to a HUGE bear market rally, or the world ends around thursday next week.