Now that the VIX is being worshiped again (not by me), I did my periodic analysis of whether I am missing something important. NOPE - I still don’t see it. At least not in the ways that the VIX has been used in the past and I have yet to figure out how to use it in any non-traditional way. Before February’s decline, I was struck by the persistent lack of volatility in most asset classes from currencies - to Treasuries - to stocks and I proposed that we should analyze the relevance of an indicator like a Treasury VIX. Now that volatility has returned in all these areas, I did think it was fair to give the equity VIX another chance. If you are fascinated with the VIX, the only site I can point you to is VIX and More. Even I have enjoyed reading Bill’s stuff. Unfortunately, like I said before, the predictive abilities of the VIX just don’t work for me. The time lag from October’s first sub-11 reading to the selloff at the end of February is tough to value. Furthermore, the upward moves in November and December didn’t result in any timely market moves either. So as I was thinking about this last night and reflecting on the trading of VIX financial instruments, I wondered whether we shouldn’t create a new indicator to measure the volatility in the VIX itself. Call it a “VIX of the VIX” or “VIX-Squared.” Since I have given up on the VIX itself (for now), I am more interested in the rate of change in the VIX and the associated volatility so if you know of an existing chart, let me know. Maybe there is something useful in that info - then again - maybe not.