Friday's rout in the markets led many investors to expect further volatility. The VIX, a measure of stock-market fear which is based on S&P 500 options, had climbed 40 percent on Friday, raising the specter of more market upheaval in the weeks to come after months of eerie calm. Sure enough, the S&P 500 sank nearly 2.5 percent.
But that same volatility Index, or VIX, fell 13 percent to 15.16 on Monday. The S&P, which is typically up when the VIX is down, climbed 1.47 percent as investor concerns subsided.
We may be due for a period of elevated volatility. This summer, the S&P 500 had a streak of 43 consecutive days without a move, positive or negative, or more than 1 percent.