The Vix says this rally hasn’t come with any increased complacency among OEX options traders. We gather this from an absence of a downtrend to previous lows on the index.

But let’s not pretend it all means that much right now. The index is better used when looked at for its dynamic properties, where change becomes significant as a relation to where it’s trending over the past month, rather than for its static properties where certain levels on the chart are linked directly with the S&P. Vix extremes tend to mean something. All this randomness in between is a different animal.