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VIX continues to fall back to earth as stocks take off

Over the past three years, the daily correlation between changes in the VIX and the S&P 500 has been -0.83. Since the beginning of December, the negative correlation between the two indexes widened to -0.88 leading up to the fiscal cliff deal. The VIX hit its recent intraday peak on Dec. 28 at 22.72 and marked a recent low of 13.64 in early trading Friday, as stocks have rallied nearly 3% since the beginning of the year.