When the VIX spiked, the market continued to move up. When the VIX swelled (a slower move up), the market sold off.
This concept, and the charts, were shared by Jim Cramer on MadMoney (CNBC) based on an analysis by Mark Sebastian.
When the VIX swells slowly or gradually drops it is more of a business as usual signal.
Very interesting take on the VIX / Market interaction.
Thanks for sharing.