Wall Street's 'fear gauge' shows how the stock market has calmed down, at least for now

Wall Street is breathing a sigh of relief on Tuesday, even if the coast isn't clear just yet. The Cboe Volatility Index , or "VIX" — which briefly spiked above 65 on Monday — was back below 30 and dipping toward its closing level from last week. .VIX 5D mountain The VIX is well off its highs from Monday as the stock market tries to claw back its losses.

In the subsequent month, VIX tends to drop 74% of the time for a median decline of 5.57," Bank of America strategist Howard Du said in a note to clients. But the VIX is not a perfect measure of investor sentiment, so its decline doesn't mean that that the worried about economic growth or the carry trade with the Japanese yen have gone away.

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