On a serious note, it looks like a breakout is imminent (sooner or later) for the fear index.
VXX for some laughs
Near term, today could be the "wash-out" I was looking for. But, Intermediate term - see the VIX chart and you will notice that the market bottomed long after he highest VIX spike date and long way (down) than on the actual day of VIX spike.
Edited by DrSP, 15 June 2011 - 12:16 PM.