Volatilty : Check out this chart from StockCharts.com for $VXN

Index is a measure of market sentiment and provides a gauge of market expectations of near-term volatility. Hence high readings mean investors see significant risk that the market will move sharply, whether downward or upward. The highest VIX readings occur when investors anticipate that huge moves in either direction are likely. Only when investors perceive neither significant downside risk nor significant upside potential will the VIX be low.

Check out this chart from StockCharts.com for $VXN

Check out this chart from StockCharts.com for $VIX

Check out this chart from StockCharts.com for $VIX

AND This Chart From kitco