While the stock market welcomed the temporary resolution of the fiscal cliff, it does not seem too concerned about the looming debt crisis, at least according to the VIX.
The CBOE Volatility Index, which is a popular measure of implied volatility of the S&P 500, is down nearly 37 percent in the past three days, its biggest decline since May 2010.
Since 1986, there have been only four instances when the VIX fell more than 30 percent in a three-day period.
In fact, prior to 2010, one would have to go back to the days following the 1987 stock-market crash to see such sharp losses.