Historically, if you look at those times where VIX
spiked up really strong it always ended like a firework ... a bang at the top and then fade away which I believe this time is nothing different from the past. It is absolutely nuts to even think that the market has turned and a bear market has started - a bear market does not start that easy with just a simple sharp correction. Market's momentum sure looks weaker, but nothing similar to a bear market and macro backdrops are still very supportive for growth. In fact, some market especially the emerging markets have discounted beautifully; lots of opportunities are out there to fish. So, I believe VIX
will soon decline back to the "low vol" level; thus, shorting is recommended.